Over the past few years Michael Lewis has written some of the best articles out there about the financial crisis. His latest on California is excellent as well:
The overarching theme is that we (the West) have developed into a society that sacrifices the future for the sake of immediate gratification. Until we reverse this attitude this financial crisis won't end, no amount of monetary or fiscal stimulus will help. If the problem is too much debt the solution isn't more debt.
Also this article made me really like Schwarzenegger.