I'm not an economist. Not by any stretch. But I do kind of like reading geeky economics stuff because I find a lot of it interesting and pretty practical to how businesses, governments and cities run.
So I've of course been trying to follow the Government bailout bill with a lot of interest. That said, I have found the majority of the media choices to be woefully inadequate at providing a good explanation on exactly what the problem is (we all know GENERALLY what the problem is, but the specifics are a little iffy). Everyone I know has an opinion on the matter, yet none of them can say they really know where the $700 billion would go, who gets it, or how it would help.
So with that, I thought I'd try to help. Here is, by far, the best explanation I've read of the problem, and why it is or is not as big a problem as they think on CNN. It's worth the read for anyone who cares about the topic.
Interestingly, the Senate passed the bailout today -- with both of our Presidential candidates casting "aye" votes, as well as our Democratic candidate for VP.