If you want to understand what is actually happening with the US economy go to the Agonist. There are three very good articles by people that are far more educated about economics than most of us are. The first by Stirling Newberry titled Rattling Apart:Captain Carnage and the Bear provides an great explanation of the Bear Sterns bail out, the role played by Bernanke and what the US Fed will likely do now. A shorter article by Ian Welsh, titled The Important Thing in a Bailout which besides somewhat contradicting Krugman (thank you very much) also focusses on why regulation needs to be re-instated in the US. And lastly Sean-Paul-Kelly, their Editor at Large has many short pieces poking sticks in eyes and speaking for many of us.
This falling "Made in America" house of cards will have an affect on all us. You might as well try to figure out what is actually happening from people who know what they are talking about. Our corporate owned media (CTV, Global and their related newspapers) won't tell you and by the time the CBC does a great piece it will be too late. Go to the Agonist.