Must read IMHO

Honey*, this is just the start. I am so fucking sorry.

The crisis that swept through the US in August 2007 is not over yet and the international repercussions will be deep and lasting. When the housing bubble burst in August 2007, it shook financial markets worldwide. This housing crisis is closely linked to a private debt crisis in the world's most industrialized countries. Clearly this crisis will be with us for several years. With perhaps worse to come.

* This is a term I use for anyone younger than I. Which, unless you are younger than dirt applies to you, honey. It pisses off my wife, but what the fuck. I am so far past worrying.

Via The Signs.