Let's All Calm Down And Talk This Out

I have some big pieces in the works on the current financial situation for next week (I wanted to let things settle a bit before addressing the situation), so I figured I would warn you of this. If this interests you, then you will be in for a (hopefully) thorough discussion and perhaps some lively argument. If not, well, I told you so.

In anticipation of this, you may want to read up on exactly what has been going on. For the background, or the "how-did-we-get-here," there are several good sources. This post by economist Arnold Kling lays out a thumbnail of the basics. The guys over at Marginal Revolution have also done many good background posts on the situation; just scroll down and read what sounds useful. Another great source is Real Clear Markets. There, you will find the gleaning of a lot of the best reportage and comment on finance and economics in general and the happenings of the last week (and its roots) in particular.

I would also especially invite Kevin (Molly, if you read this, nudge your husband and get him over to the computer) to comment, as he is a financial professional (while I am more of a former professional and amateur economist) and one really smart guy.

As you do this reading, keep in mind one of the favorite sayings of the old-timers on the trading floor where I used to work:

• "The world only ends once, and this ain't it."