Reflection on the economic collapse

This has been one hectic week. With DOW dropping below 9,000 points, the world markets panicked and the EU rallied to create a plan to save their banks from complete collapse (which I think is the reason that the visit from the members of the European commission canceled out on us that one Wednesday). Those reading the declining numbers and observing the newspaper pictures of disheartened Wall Street workers showing the same dismay and fear as felt during the 1929 economic crash, speculate that this crisis may spell the end of the United States as a Superpower. However, this crisis does not fall within the same category as the Great Depression for that event began when all stocks fell within a matter of one week. In a historical context, this follows the same path of the Great Panic of the mid 1890s. In this event, the gold standard fell below its average value due to the overexertion of the Railroad company while the major corporation like Carnegie Steel and Rockefeller Oil consumed the lesser oil and steel businesses just like the merging of Merrill Lynch to Bank of America and the collapse of Washington Mutual. This panic was an extension of the Panic of 1873 just like how this collapse morphed from the 2007 mortgage crisis. What drove us out of the panic was renewed confidence in the Gold standard and the popularity of William McKinley. So the answer to our current economic crisis may lie with future president Obama (sorry McCain supporters if I offended you) combined with renewed consumer trust in the banking system. However, this plan can not be solved within a matter of weeks for the American, European and Asian markets must work together to restore hope within the consumers.