It would probably be depressing to compare the average university economics curriculum (and the understanding the average university economics student has of the current "bailout" crisis) with the following worthwhile links:
The Bailout Reader - A Collection of papers from the Mises Institute
Notablog: A Crisis of Political Economy - Another "reader" by Chris Sciabarra, a Visiting Scholar at New York University - a complete course in economics relating to the current "crisis," if you follow the links.
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times, September 30, 1999, describing efforts by Democrats in the Clinton Administration to create the current crisis.
Barney Frank's fingerprints are all over the financial fiasco - Jeff Jacoby, The Boston Globe
Media Mum on Barney Frank's Fannie Mae Love Connection
Barney Frank is a homosexual. One of his "lovers" was a Fannie Mae executive. (Could this be an argument for homosexual "marriage?" After all, if they were officially, legally "married," there might have been some "conflict of interest" issues. But there are undoubtedly a large number of similar conflicts with heterosexuals in and out of Congress who are not "married" to each other.)
The Corporate State Fails
"According to popular myth, the current financial turmoil is the result of Bush administration deregulation. One problem with that theory: there was no deregulation. The last banking deregulation, the Gramm-Leach-Bliley bill, was signed by President Bill Clinton in 1999. Oops."
"Let’s hear no more about Republicans’ loving limited government."
Sheldon Richman, again, asks, Is This What It's All About? He quotes business reporter Ali Velshi of CNN, talking about the alleged credit drought on Tuesday when he stopped and said (roughly), "When I say 'dried up,' I don't mean there's no money. But you'd better have good collateral and good credit."
In other words, a trillion dollar bailout is designed to prevent a resurgence of responsible lending.
The drying up of credit is a myth, as Robert Higgs explains: Credit Is Flowing, Sky Is Not Falling, Don’t Panic.
Photo of House Bailout Leader.