Dallas Fed Chairman Sums It Up Nicely

Read this: and tell me you don't feel a little bit reassured that it is all going to be OK.

Richard Fischer, Dallas Fed President, covers these topics in this well written paper;

Problems with the Financial Markets - lending to non-prime borrowers and selling these loans on the open market.

The Flash Point - The "Minsky Moment" when the pendulum begun to swing the other way.

Spreading Troubles - Losses at banks abroad reduced the market for American debt.

Monitoring Lapses - The chain of command that allowed regulators to miss what was going on

The Fed's Response - New tools the Fed has used to deal with the problem

Fed's Goals - not to bail out speculators

These were my favorites:

Historical Perspective: Texas in the 1980's

On Booms and Busts: Perfectly natural

On The Nature Of Risk: Eliminating risk is more costly than learning to control it

Summary of The Missippi Real Estate Bubble of 1819

Difference Between Japan and American in Regards to Property Busts.