From Reason Magazine, an excellent and detailed explanation of how the financial sector got into this mess. I couldn’t agree with the summation more:
Congressional leaders have vowed to bring a new proposal for a vote, possibly as soon as Thursday, proving yet again that Washington is fertile ground for really bad ideas. But with the market rebounding—as of this writing the Dow was up almost 300 points—and public opposition hardening, signs are emerging that banks are starting to clean house. The crisis may have already peaked. Of course, Congress’ ability to further screw this up can’t be overstated.
