If you want to understand the basic facts of the economic crisis facing us today, take 30 minutes to watch this video. Charlie Rose interviewed Paul Krugman on October 23, 2008, shortly after he won the Nobel Prize in Economics. Krugman discusses the causes and outlines several possible solutions.

If institutions need to be rescued like banks, they should be regulated like banks.

Krugman on Charlie Rose

Most people are wondering how the economy got into the mess we’re experiencing today. For those who truly want to understand the situation, Nobel-winning economist Paul Krugman gave a great overview last December. According to him, all hell broke loose in the economy in August of 2007. Since that time the Bush administration has been, in Krugman’s words, “re-arranging the deck chairs on the Titanic.” In the video below, Krugman spoke and took questions on the state of the economy at Google’s headquarters for just over an hour on December 14, 2007. It is the most insightful and direct explanation you’ll ever hear, luckily Krugman is knowledgeable, intelligent and intelligible, a rare combination.

Video: Paul Krugman on Bank Insolvency