Selected reading on the recent economic downturn:
A good FAQ from the Freakonomics guys explaining the basics.
Nassim Nicholas Taleb on Black Swans and Fourth Quadrants, about why quants are dumb and we never should have been in this mess, if only a real statistician would lead us.
The Paulson-proposed legislation. Pay special attention to Section 8, the one that explicitly forbids oversight. Then watch this, and enjoy your flashback to every horrible memory you’ve ever had of the Bush administration.