This is a basic analysis, with some chilling and grimly amusing anecdotes of how the crisis came about, notably through the invention of ever more exotic financial "products" and the complete lack of regulatory oversight, not to mention the outrageous levels of leverage. I think I finally understand what CDOs and CDSs are. How could the ever have been permitted to exist? Why haven't they been killed? What this lacks is any notion of how to remedy the situation. It has a kind of shoulder-shrugging conclusion.