This American Life, an NPR radio show, has produced some really good coverage of the financial meltdown. The episode entitled Bad Bank is especially informative. The problem is that it is also really depressing. Not because of how the message is presented. The show is actually very even-keel and pleasant, but the reality they describe is really frightening. The bottom line: the banking system is in a world of hurt, and most of the options to save them involve a lot of pain.

Another story that blew my mind came from Vanity Fair entitled Wall Street on the Tundra. It's the story of how Iceland has gone completely bankrupt as a nation due to their involvement in the financial insanity of the last several years. I very highly recommend this article. It's amazing to conceive of an entire civilized nation going bankrupt...but it just did.

I'm no prognosticator, but it sure seems like we're still just on the leading edge of this catastrophe and the repercussions are just beginning to take shape. Things could get far worse.