In December, 2007, the Nobel Laureate and Columbia professor, JOSEPH E. STIGLITZ, wrote a Vanity Fair article that really sticks it to the current US President: The Economic Consequences of George W. Bush.
A scant ten months later, we have Christopher Hitchens comparing America to a Banana Republic, not without ironic precision. But to understand the "subprime" thing, it's good to start with The Giant Pool of Money -- some 70 trillion US dollars of it
What was the SUBPRIME CRISIS all about?
And how did it lead to the FINANCIAL CRISIS of 2008?
I'm in a cheerful mood aren't I?