I have tried not to spend all summer blogging on financial happenings involving mortgage-backed securities. The net result of that, of course, is that I spent the summer not blogging.

Anyway, if you have been watching, or reading, the news and getting confused by tranches, CDO’s, sub-prime messes, credit crunches, Countrywide or just what the FLIP is going on, read this. Salon.com has done an amazing job of explaining the impossibly dense in understandable language and in such a way, that even fear itself starts to make some sense.

Now, if you will excuse me, I smell a surge of Bankruptcy filings on the wind. . . .

Elaine