Consumerist has been doing a nice job covering it.
Huh. I had Economics in High School (11th or 12th grade, I think). Doesn't help me understand what's going on, either. Not so sure that would help. How about just basic bookkeeping? Seems a lot of these folks don't realize that you have to have money coming in to have money going out!
My husband has written a new Jailhouse Rock song titled, "If you can't afford it, don't buy it...." Trying to teach the kids what they need to know!
@ Eliz: thanks - that first article is great. i can't quite wrap my brain around the second one right now, but i'll try back later.
@ Carrie: do you mean Schoolhouse Rock? :) That would be awesome.
I also had econ in HS, but not nearly enough of it to conquer this mess.
I don't think an economics class would help, or even bookkeeping. People get this skewed idea that "everyone" is "getting away with it" and it will last "forever". It's like buying lottery tickets. The odds are astronomical but folks buy them anyway. After all, it could happen.
Not to mention our economy is pretty much based on the idea that we spend every last dollar in an effort to keep up with the Joneses.