The banking crisis that began as a credit crisis at the beginning of 2007 has turned into something far larger and dramatic than even those with the direct predictions expected.
The Financial Times has done a terrific job at keeping me up to date, and along with the Economist those newspapers are where much of the context for the events can be found. Fortunately they both have excellent online versions, so context is also timely.
How gamblers broke the banks | ft.com
Journalism, so the adage goes, is the first draft of history. In 2008, the Financial Times had a once-in-a-lifetime opportunity to report, analyse and comment on the most serious financial crisis since the Great Crash of 1929. Here was a global story whose tentacles spread from the US sub-prime mortgage market to the City of London, Iceland, Russian oligarchs, Dubai property barons and numerous other actors. It was a story tailor-made for the FT.
The following articles are a selection of the best of the FT’s coverage over the past year. Inevitably, there are gaps. There is no space, for example, for our groundbreaking reporting on the credit ratings agencies and the failure of computer modelling. The aim of this special report is to offer readers an unfolding narrative, as well as a broader perspective on a crisis which shook the western model of market capitalism to its foundations.
Bankwatch 
Wednesday, Dec. 17, 2008
More than a week ago, I contacted Capitol One and sought a “payment holiday” or some arrangement that would allow me to skip the December payment from my home equity loan. I have an automated debit for $720.83 each month.
The person I spoke with said I needed to pay $174.84 immediately, and that she would push my payments back one month so that I wouldn’t have the automated debit in December. I did that, giving her my bank account number and routing code.
She said I would now be scheduled to pay off the loan in December 2011, instead of November 2011. She gave me a confirmation number as proof of this agreement.
On Wednesday, Dec. 15, Capitol One went ahead and incorrectly withdrew the $720.83 from my checking account. This emptied my account, and there have been 11 transactions since that time, and I’ve been penalized $25 each time.
I need: Immediate repayment via wire transfer of the $720.83, and I need a letter confirming the withdrawal was in error, so that my bank will rescind the 11 $25 charges in penalties.
Please understand that I have no money. My wife and children and I are leaving town Saturday morning. We have no money. You have emptied my account. No money for food. No money for gas in the car. No money to pay bills. No money for gifts. No money.
This is urgent. Capitol One is ignoring me.
Please help.