1. Arnold Kling offers some very astute play-by-play commentary on the developing US financial crisis, here, here, and here. He has more detailed posts on specific issues here and here.
2. Jim Manzi’s long but helpful overview.
3. Analysis from University of Chicago professors Douglas Diamond and Anil Kashyap, in “Frequently Asked Questions” format.
4. Tyler Cowen presents arguments against and for the the bailout. See also his own thoughts on the bailout proposals.
5. The Wikipedia article on credit default swaps.