This is just what I was looking for: a reasonably simple explanation of the credit crisis, courtesy of the New York Times. If anyone knows of any other simple explanations that do a better job, please let me know in the comments!
The “Credit Crisis”, Explained
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A presentation on Google Docs, explaining the subprime crisis with stick figures.
http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true
@Anne Onimos: That’s a pretty good one! Thanks!