I think that we are headed into new territory and they may...

I think that we are headed into new territory and they may re-write the textbooks (Keynesian economics come out of the depression). There will be a new term coined (excuse the pun) in a few years time to describe the mess that we are in. And some bright spark will come up with new theories to explain ways to avoid it all in the future.

But we'll get back into trouble, and you'll have backward looking people like Bernanke in charge and they'll do everything to avoid what we think we know happened in history, but they won't be able to see what will happen in the future.

People say that history repeats itself, but that's only because they do not really understand history.

Every episode is unique. This crisis is shaping up to be very unique.