The Mortgage MessI wrote a post a few months ago about sub-prime loans and what they could possibly do to the economy. Well, it's happening now, but people still don't really understand how sub-prime is a financial octopus.
The most thorough explanation I've seen of the possibilities, though, is in a Herb Greenberg column over at Marketwatch. It's very detailed and very thorough, and if you're interested, will help in understanding what's still out there.
The witty and clever Esther over at Star Spangled Haggis linked to this in a post a few days ago, which is where I saw it.
Oh, and if you're wondering if the government's "intervention" is going to help, I think the answer is "no." I haven't seen a single analysis that indicates it will help more than 10-15% of homeowners with sub-prime loans. That's a drop in the bucket right now.