Meltdown

Most people are blissfully unaware of how the world’s financial system works and may not have a good feel for what all the fuss is about. There are lots of pieces to this mess, but the Armageddon scenario (which we narrowly averted) is a run on the money markets. What’s that? Megan offers a good explanation with her customary clarity.

UPDATE: Megan goes on to explain why we need a bailout.

UPDATE: At last, the WSJ publishes an analysis of the root cause. Surprise! It’s political!

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