The evidence suggests strong parallels between the banking panics of the pre-Depression era and the 2008 crisis

The banking crisis of 2008 has since drawn comparisons with the banking crisis of the late 1920s which in turn led to the Great Depression. Andrew Jalil writes that before the 1930s, banking panics were a common part of US economic history. Using data from seven major banking panics between 1833 and 1907, he argues that when downturns are associated with major banking panics, recessions tend to be deeper, longer, and slower to recover from.