Some of us — especially those under 60 — have always wondered what it would be like to live through the kind of epochal event one reads about in books. Well, this is it. We’re now living history, suffering one of the greatest financial panics of all time. It compares with the big ones — 1907, 1929 — and we cannot yet know its full consequences for the financial system, the economy or society as a whole.

— Fareed Zakaria, editor of Newsweek International