Here are a couple of nice summaries of the credit crunch and the Fed’s response.
If you took a college course on monetary policy more than six months ago, what you learned has already been rendered out of date by the big changes Bernanke has implemented in how monetary policy can be used. Looking for a 5-minute introduction to monetary policy and the Fed that’s actually current? Then check out Francisco Torralba’s very nice summary.
And if Francisco’s college-level treatment is too much for you, you might instead prefer Steve Waldman’s credit crisis for kindergarteners.