This is a very nice and concise explanation of how we got into the current financial mess:

Sometimes the greatest blame comes from great praise when viewed in hindsight. The Los Angeles Times proves that with an article from 1999 heaping praise on the very people most responsible for the credit-market meltdown. Ronald Brownstein lauded the Clinton administration for boosting minority ownership by forcing lenders to offer better terms to marginally-qualified borrowers — and noted the financial creativity from Fannie Mae and Freddie Mac as a crucial component of Bill Clinton’s efforts. It also demonstrates why Congress mandated the failure of the lending system, and why it has to act to fix it (via Hot Air reader abinitoadinfinitum):

Obviously, you will have to go read the whole thing for the full explanation. (And no, I'm not of the opinion that this problem is the fault of one party or the other. It is a bi-partisan problem and there were voices of caution and reason from both sides of the aisle.)