Are you confused about the current economic crisis? I certainly am! I saw this YouTube video as I was doing some research, and it seemed to explain it in a way that I can understand. This becomes a McCain ad somewhere around the 8:30 mark, so you may not want to watch through to the end, but the facts regarding the subprime mortgage business, and Fannie Mae/Freddie Mac are a matter of public record.
I'm not suggesting that there is a "right" explanation of the problem, or even that there is one single mistake that caused it. I just think this could help you explain it to your children.
Again, "when are we going to use this stuff?" Today!
Check out The HomeScholar Channel on YouTube for some snippets of my public speaking and videos.