From reading the likes of the Housing Bubble Blog, the mainstream media dropped the ball on the looming mortgage crisis. Yet, editors at top newspapers believe they provided quality coverage. What do you think?

I’ll be the first to admit I don’t really understand all the ins and outs of Wall Street, but I did know it was very big news when the large investment banking firm Bear Stearns practically went belly up within a week…and then, with a Fed bailout pending, Bear Stearns was bought out by JPMorgan for a measly $2/share.

If none of this makes sense, you should still check out the Housing Bubble Blog for bits and pieces on this latest financial market news. More financial companies look to be in serious trouble with unheard of billion-dollar losses. Some readers are concerned that the Fed’s response in this situation is mirroring what happened prior to the Great Depression of the 1930s.

If you’ve been following the U.S. financial situation lately, you’ll see a lot of bad karma (i.e., subprime loans) coming back to bite the asses of the big corporations that profited from them. With Federal Reserve Chairman Ben Bernake trying to bail these companies out, others are suggesting maybe Ben is the one who should bail:

Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U.S. economy, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe Wednesday. Read more

Here’s a useful website that keeps an updated list of promotional codes for various websites like Amazon:

http://www.currentcodes.com

There’s a guy starting a new website to encourage people to pull their money out of banks and save “under a mattress” as a way of stopping inflation. I wouldn’t necessarily recommend literally saving money in your mattress (as that is an obvious place to look for it), but he writes some interesting things about how our banking system works. Worth a read.