Wall Street Busted

Happiest would be the billboard makers for wall street these days. Lots of work.
It took Fall of biggies like Lehman, to prompt to get my basics about what the hell is going one. Got some useful links which educates a lay man to what is the background and whats in store?
1. What is sub prime lending?

http://en.wikipedia.org/wiki/Subprime_lending

2. What is sub prime mortgage crisis

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

http://news.bbc.co.uk/2/hi/business/7073131.stm

http://www.caclubindia.com/articles/article_list_detail.asp?article_id=502

3. How it all started? Many believe the real estate crash in US was main catalyst.

http://en.wikipedia.org/wiki/United_States_housing_bubble

http://en.wikipedia.org/wiki/United_States_housing_market_correction

4. What is likely in store?http://www.financialsense.com/fsu/editorials/amerman/2008/0320.html

http://www.chinadaily.net/world/2008-04/08/content_6600822.htm

5. Chronological travails of financial devastation.

http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline

6. Casualties so far...#1 - Finally bought by JP Morgan Chase

http://en.wikipedia.org/wiki/Bear_sterns

#2 - partially bought by Barkley's, some units survived, mortgage division filed for chapter 11 bankruptcy.

http://en.wikipedia.org/wiki/Lehman_Brothers

#3 - Merill Lynch - Sold to Bank of America for $50 billion

http://en.wikipedia.org/wiki/Merill_Lynch_&_Co

#4 AIG - bailed by FEDs with a $85 billion package

http://en.wikipedia.org/wiki/AIG

#5 Taken over by US government

http://en.wikipedia.org/wiki/Fannie_Mae

http://en.wikipedia.org/wiki/Freddie_Mac

What Big Daddy - Warren Buffet says about it.

http://money.cnn.com/2008/09/10/news/newsmakers/buffett_clayton.fortune/index.htm

http://www.marketwatch.com/news/story/buffett-says-subprime-crisis-not/story.aspx?guid=%7B075F9A09-6B32-484C-8B57-D9811F351B05%7D

http://www.cnbc.com/id/24815860

Asian impact of this rot.

http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:21628020~menuPK:295589~pagePK:2865066~piPK:2865079~theSitePK:295584,00.html