The other day the Dow fell 777 points - the larget drop in its history; Washington Mutual, the largest savings and loans, went bust and its deposit base was sold by the FDIC to JP Morgan Chase. John McCain has lost all of his momentum coming out of the Republican convention and none of his silly ads and lies about Obama are being absorbed by voters in the past few news cycles - remember he was very successful, in my opinion, in controling the news cyle but with real news for pundits and newsman to talk about and to sensationalize being available. It drowns out McCain's political noise.
What happened?
Two words: Credit Crisis.
If anyone listens to "This American Life". They had a recent show that best explained the credit crisis and how it happened.
In this diary, I will try my best to paraphrase it and here's the link to the transcript for all of you to read and I do suggest you read it.
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