From credit default swaps to a bad case of recession

Some interesting reads about the current economic,.. ahem.. crisis.

1. Revenge of the glut
2. This white paper by a couple of professors at the NYU Stern School of Business
3. The paradox of thrift in today's Marketplace edition
   

One thing that is certainly emerging is this: it is not just a bunch of bad mortgages. In the last 20 years, American household debt has increased to around 13 trillion, which is almost the size of the GDP!