I found this layman's explanation of the upheaval on Wall Street in an off-topic section of a writer's forum. It's clear and written in non-technical language and presented in easy bite-size concepts so that non-economists can wrap their heads around it. I hope this fellow works as a technical writer or a journalist, because people who can explain things well are all too rare.
Some of the posts that followed were pretty good too, so click here if you want to read the whole thread.
And here is Chuck Colson's take on the moral and political aspects, complete with a bibliography of links at the bottom.
Technorati tags: Banking crisis, Wall Street
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