The most succinct summary of the financial crisis I've seen

From the London Times:

The collapse is bad news and has intensified the credit crunch. Banks are more fearful about lending to one another or to customers. They are hoarding cash. Movements in the wholesale money markets yesterday showed conditions dramatically worsening. It will be harder to get a loan, credit card or mortgage. Debt will cost more. Businesses will find it harder to borrow. Lack of credit and diving house prices are slowing consumer spending. That hits sales, sours business confidence and leads to job losses and wage freezes. Economists predicting a mild recession might now have to brace themselves for something darker.