In only a matter of months, tens of millions of Americans have seen their investments, retirements, life savings, home values, and employment decimated, or even evaporate completely before their eyes. Some are expecting that the worst is yet to come.

The financial debacle we’ve all been plunged into was brought about by two bubbles: the real estate bubble and the associated credit bubble. A choreography of fiscal lunacy is well summarized in a New York Times article by Michael Lewis and David Einhorn: