The falling Dollar
I listen to BBC and a few others on a daily basis. I hear nothing about the sub-prime loan financial debacle going on in the U. S. right now on U. S. media. It is every other story on BBC financial radio shows. It really sounds like the rest of the world is pissed at us for letting our curacy fall. We bitch at China for keeping their value low. We appear to do the same thing.
NPR has covered it a bit. Basically, the FED says "You buttered your bread with bad loans. Now you can choke them." There will be no bail out. If people take stupid risks and there are no bad consequences, they will make the bad decisions again. Tough love. Both barrels.