It's only just starting financially ...

This is an entirely sobering look -- and a pretty accurate one I think -- at the financial crisis. Even pro-business sites like CNBC are carrying articles predicting that within a year, EVERY financial institution in the U.S. will be nationalized.

And as John Quiggin points out at Crooked Timber, it's going to be a long, bumpy, scary ride ...

If even part of this plays out as it seems likely to, the financial system that emerges from the crisis will be radically different from the one that went in: massively smaller, with far fewer institutions and products, and tightly regulated where it isn’t under outright public ownership.