These are important parallels, numan, and more relevant to the overall question. The error, of course, is that in 2008 we have had the experience of a Great Depression and have some idea what caused it and how to respond. I am not excusing the abhorrent behavior of many market participants, nor the dire consequences of not acting properly. What is most important in this crisis is to not lose our heads. We are in for probably the severest economic times in my lifetime, but there is a resiliency underneath that will prevent, in my view, the darkest days of the Depression. Some of us have learned something, and hopefully that will be enough. Many safety nets exist now that did not exist in 1931-32, including unemployment insurance, the FDIC, and Social Security. Are the worst actors chastened? I doubt it, but I am hopeful that the worst actions can be countered.

A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich