If you've been rabidly keeping up with the pending mortgage crisis in the U.S. and its global economic consequences, good for you. I've been out on the town with princesses.
However, if you would like a lovely explanation of just what the hell the "credit crunch" is and why people everywhere are aflutter about looming defaults of thousands of borrowers, visit one of the top sites for U.S. news coverage: the BBC.
This little Q&A lays out nicely what the problem is and why it matters. It's bizness news in English (no pun intended) for those who would like to be economically literate, but aren't masochistic enough to have an MBA. It's from September, but there are lots of links to news stories on the site if you'd like to know more.