Deft handling of economic policies by the Federal Reserve and the Treasury Department under both Bush and the new Obama administration prevented the crisis from degenerating into a 1930s – style meltdown.
It is still the worst financial crisis since the 1930s however.
Even the good news isn’t all good. In an odd way, the recovery may have come too soon – since it’s meant that the crisis never got bad enough to force the kind of lasting solutions the United States, and the world , badly needed.
Source: Newsweek Francis Fukuyama (Bernard L. Schwartz Professor of International Political Economy)