How We Got Here:

In his op-ed piece today, Paul Krugman explains in a succinct summary how we landed in our current economic mess: "a world awash in cheap money, looking for somewhere to go."

Krugman doesn't mention the other element—greed. The huge masses of money might have gone into medical care, AIDs research for instance, and development of so called third world countries. Instead far too much of it simply chased other money. Eventually, the dog caught his tail.