This isn't the first financial meltdown, and it won't be the last. But we are a fast-learning species, and we've figured out a few ways to cope along the way.
Outcome: Congress established America's first true central bank, the Federal Reserve System, in 1913 in the hope of preventing such panics.
NEXT: Great Depression
Outcome: The FDIC, the SEC, and a host of new institutions and financial regulations.
NEXT: 1970s inflation
Outcome: New Fed chairman Paul Volcker cracked down, bringing on a deep recession.
NEXT: Japan's lost decade
Outcome: Early denial of the problem by the Japanese government taught policymakers elsewhere the value of responding quickly and decisively.
NEXT: Asian contagion of late 90s
Outcome: A still-unresolved debate about how currency crises should be managed.
courtesy :fortune magzine&cnn money.com
(for financial astrologers research purpose i was posted this article here)