Syd waxes a little hyperbolic. I wish it was a lot hyperbolic, but it's not; it's way closer to unvarnished than I'd like. (H/T to Kevin for pointing me there this Ay-Em)
Meanwhile, Lead and Gold has a link up to a fascinating .pdf transcript from Ira Glass's This American Life, which is often the only thing worth listening to on NPR other than Click and Clack, the Tappet Brothers. It is a very clearly detailed flowchart of how dumb home loans in Cali wound up wrecking banks in Europe.