Financial update: Big mess

Here's a bit of recommended reading that was mentioned at last Thursday's meetup:

Matt Taibbi, The Big Takeover

It's from Rolling Stone so there's profanity in the first sentence, but it seems appropriate to the situation, doesn't it?

Here's what I got as the takehome message from Dave K-G's answers to our questions about the financial crisis:

1) Banks and financial services will need to be reregulated. Separating deposit banks from investment banks again would be a good start.

2) New laws should provide for regulation of any new financial products. Any weak spot will eventually be exploited. An unregulated financial system is prone to crisis (and that's not a good thing for must of us).