Ok, Michael Lewis *is* writing a book about the current financial situation. Sort of. It's called Panic: The Story of Modern Financial Insanity.
When it comes to markets, the first deadly sin is greed. Michael Lewis is our jungle guide through five of the most violent and costly upheavals in recent financial history: the crash of '87, the Russian default (and the subsequent collapse of Long-Term Capital Management), the Asian currency crisis of 1999, the Internet bubble, and the current sub-prime mortgage disaster.
It's out in December so I imagine that it won't include the current Lehman/AIG/Merrill/bailout kerfuffle, but that's what "with new material" paperbacks are for. (thx, paul)