Guerrera: Why This Crisis Differs From the 2008 Version

via WSJ online

• "The sense of déjà vu is almost sickening."
• But market turbulence alone isn't enough to prove that history repeats itself.
• There are three fundamental differences between the financial crisis of three years ago and today's events.
• The differences are origin of crisis, debt v liquidity,  and the way to deal with it will have to be different this time. 

I can't say that I agree.  Usually, the simplest explanation is the one most likely to be correct.  The simplest explanation is that the same causes are giving the same effects.  The government is screwing up and has been all along for many, many years now.  Time to fix it.