Lots of material out there to read to understand what is going on. Here are some of the more interesting ones I've found:
The Money Meltdown - a set of links that attempts to summarize the situation and how we got here.
Slate.com: Subprime Suspects: Puts to rest the idea that poor homeowners are somehow to blame for this.
60 Minutes: A Look At Wall Street's Shadow Market
Megan McArdle: How did it all happen? - some cognitive science behind this.
Forbes: The Economics of Trust - Capitalism requires trust. Break the foundations of trust between people and institutions and something like this is inevitable.
And the best two explanations I have heard so far were on This American Life: The Giant Pool of Money and Another Frightening Show About the Economy
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