Would someone be able to explain exactly what is going on with this whole financial crisis?

Let's just say I was gone for the past two weeks and have absolutely no idea what is going on both financially and economically in the United States. If someone could explain it to me, that would be wonderful because I am rather puzzled.Would someone be able to explain exactly what is going on with this whole financial crisis?Investors are coming to realize that the investments sold to them were way over priced and much riskier than they thought. Now they all are trying to sell and there are no buyers.Would someone be able to explain exactly what is going on with this whole financial crisis?I actually came across a podcast today that speaks to this very subject. Check it out at http://www.mfa-cpa.com/blog/index.php/38/



Would someone be able to explain exactly what is going on with this whole financial crisis?In one word - greed. This all started when prospective home buyers began taking out adjustable rate loans on which they would have to pay an extremely small interest rate for a year and a half or maybe two years. And then, when the rates on those loans began to increase dramatically, they found they couldn't meet the payments, and thereby began losing their homes to foreclosure. By and large, many of these poeple should've never been granted these loans, but due to greediness of the banks, they were. Moral of the story : Never borrow money that you can't pay back from lenders who fail to screen you properly to insure that you can pay back such loans...