This financial crisis has been with us for more than a year. It was sparked by the end of the U.S. housing boom, which revealed the weaknesses and excesses that had occurred in subprime mortgage lending.
Of course, Bernanke goes on from there that the problems were much broader. Surprisingly, he takes on everything from the failures of Lehman and AIG to the on-going problems in the credit markets. This was the most detail and candor that I've seen come from Bernanke about where we are headed.
The speech is in two parts.