If you want to hear a very intelligent conversation about the credit crisis and what is going on in the world right now, please watch this video: Milken Institute Credit Panel.
At the risk of being labeled a Milken fanboy: In my opinion, if Michael Milken was not barred from the securities industry nearly 20 years ago, he would be one of the richest men in the world. I encourage those not familiar with him to read his Wikipedia Page or better yet read my two favorite book on the history of the junk bond market: The Predator's Ball and (the relatively unknown, but probably the better of the two) Fall From Grace: The Untold Story of Michael Milken.
When I first started in leveraged finance, my boss gave me his copy of Fall from Grace. Unlike many books of the era that painted Milken in a negative light, this one is neutral and readers can not just form their own opinion, but can also learn about the history of the high yield market and distressed debt market. Fascinating stuff.