The Crisis & What To Do About It
George Soros author of The New Paradigm for Financial Markets writes: Consider how the crisis has unfolded over the past eighteen months. The proximate cause is to be found in the housing bubble or more exactly in the excesses of the subprime mortgage market. The longer a double-digit rise in house prices lasted, the more lax the lending practices became. In the end, people could borrow 100 percent of inflated house prices with no money down. Insiders referred to subprime loans as ninja loans—no income, no job, no questions asked.
Although the financial crisis has shown signs of abating, the race to save the international financial system is still ongoing. Read this rather in-depth article here.