There has been a lot of talk on the blogosphere about this brilliant article by Michael Lewis ("Liar's Poker," "Moneyball") in Portfolio that explains in plain English just how the current financial crisis came to be.

The hero of the story is Steve Eisman, founder of FrontPoint Partners, who sums things up this way:
He had tried a thousand times in a thousand ways to explain how screwed up the business was, and no one wanted to hear it. “That Wall Street has gone down because of this is justice,” he says. “They fucked people. They built a castle to rip people off. Not once in all these years have I come across a person inside a big Wall Street firm who was having a crisis of conscience.”