The current US financial system problem

Yesterday I read a news article from WSJ, it gives a great explanation on what happened recently in US and the seriousness of the problem. A good read: http://online.wsj.com/article/SB122169431617549947.html

We seems to have gone from over leveraging to aggressive de-leveraging. The new FED measure actually aims at clean up all the toxic asset and let bank back to conventional lending-borrowing. Then, the credit crisis that choke the economy could be over.