A Credit Crisis, like bankrupcies and massive unemployment  is a side effect of the  country going into a recession.  Put in a nutshell, it relates to banks suddenly tightening the conditions required to obtain loans (aka credit) from them. If you are like me and would like to learn a little bit more about the credit crisis sans the jargon associated with it, then the following video is for you.

Created by Jonathan Jarvis, this video explains in simple and lucid terms what is meant by a credit crisis. Jonathan is a student at the prestigious Art Center in Pasadena, CA. He has also put together a site (The Crisis of Credit) exclusively to explain the credit crisis facing the USA.