The Worst Moments of the Panic of '08

Everyone wants a neat explanation of the panic that destroyed the economy and put the government in charge of Wall Street. Good luck with that! Here's a look back on the year money forgot.

Panic, by its nature, is an unreasonable fear that seizes one suddenly. But it comes after a series of shocks that drain confidence and stoke worries. Such was the Panic of '08: a torrent of news, bad turning to worse, which by its very ceaselessness made the hardiest souls cringe.

One can point fingers, document the bonus-driven greed of bankers, explain the overly complex financial vehicles which spun out of control. But trying to explain it all away misses the point — that sheer chaos overtook the world of money.

March