So many developments, so fast, and so much more data needed, but today presents the first few articles that takes stock of everything going on.
First Ignatius of the WaPo does a nice job summarizing the subprime situation and throwing a bit of caution out there.
Then some through analysis from the Economist Magazine that paints probabilities of the road ahead. 60% chance this can be contained by monetary policy, 30% chance recession, 10% drastic global recession.
And finally the NYT takes it local looking at the subprime and housing bubble impact on home owners. Long one, I just skimmed it, but got the gist, house don't sell, price going down, ARM resets, can't move, can't sell.
