Paul Krugman Speaks at Google

Prof. Krugman tells us his take on the mortgage meltdown. It's over an hour long, but it's a good start for an understanding of what is hitting the markets now. Like this huge hit to Bear Stearns. Or Morgan Stanley selling themselves to the Chinese for $5 billion after a $9.4 billion loss. Unfortunately, that still leaves $4.4 billion after selling themselves to a revolutionary dictatorship of the proletariat. Ouch.

H/T Calculated Risk.