If you're wondering why so many dominos (Fannie & Freddie, Lehman Brothers, Merrill Lynch, AIG) have fallen so swiftly this past week, give a listen to today's episode of Fresh Air (iTunes - RSS Feed - Stream Here). It features Michael Greenberger who gives a very lucid explanation of how/why our unregulated shadow financial system finally collapsed, and why the government is sprinting to socialize the loss. Good stuff here.
Separately, in another wonderful case of America rewarding utter failure, you can read all about how Merrill CEO John Thain and his two senior lieutenants will get $200 million for "less than a year's work which culminated ... in the bank surrendering its 94-year-old independence." Pathetic.