Naked Capitalism is a great one-man band site for trying to understand the techniques and turpitude of spreadsheeters (aka “bankers”). In particular he’s been focusing on the ominous rumblings in the asset-backed securities markets caused by increased mortgage foreclosures. Currently a very good chat here between Mr Smith the proprietor and an anonymous Rating Agency analyst (poor bloke) about how the agencies were caught flatfooted by the foreclosure trend.
And Minyanville is a broader based place to go for more of same and some spirit soothing. A community of sharp people in the business who among other things wonder What’s Going On?