The record levels of risk undertaken by financial institutions, home-buyers, and investors, particularly in sub-prime mortgages and other forms of creative financing, made for a collapse of crisis proportions when the bubble burst.

FORBES: Financial Reform Fades But The Need Escalates

Despite the huge geographical and cultural diversity, one myth, in various forms, emerges consistently from sub-Saharan Africa.

ECONOMIST: The spirits that move Africa

So they went into these really risky forms of insurance, and now as those sub-prime mortgage bonds have been down-graded and started to blow up, the bond insurers are starting to blow up, too, and the real significance is: What does it mean not just for municipalities all over the country but for the entire market?

NPR: Bond Insurer Losses Could Have Broader Impact

The large sub-categories are Social Security, Medicare, Medicaid and various forms of public assistance (food stamps, housing support, etc.).

FORBES: Federal Spending Up, Employment Down