Well, maybe not, though with banks failing it is reminiscent of the saving and loan fiasco of 1989. Perhaps the worst awaits us in 2009. Seems to be years ending in "9" that get the investors and markets spooked.
With less than a month to go before a rather unusual election we are faced with a financial crisis of extreme scope. If the Fed bails out the banks, then our banking system is nationalised. Hmmm Socialism, that stuff the Democrats seem to embrace so willingly even if they will say anything to call it by another name. Speaking of Democrats, it was on their watch that this crisis happened. Sure, they're trying to blame President Bush. You'd think our own congress doesn't understand the concept of seperation of powers as defined in our constitution! Congress is the body that wites the laws and regulates trade and taxes. The President only serves to watch congress in this respect to approve or veto legislation passed by both houses. Since Democrats are the majority party, they could have seen fit to step in at any time since JANUARY 2008 to control the situation. But, no, they were as much on the take as the institutions they were supposed to be watching, Fannie Mae and Freddie Mac (Institutions created during Democrat party majorities), having recieved campaign funds directly from both now defunct organisations.