РІР‚СљThereРІР‚в„ўs a level of fear out there that is a little similar,РІР‚Сњ said Michael Hanson, a senior economist with Bank of America Merrill Lynch. РІР‚СљSo far itРІР‚в„ўs not as bad as 2008, but it could get much worse because the sovereign debt concerns are much more global than the subprime mortgage risk of 2008,РІР‚Сњ said Darrell Duffie, a professor of finance at Stanford and an expert on the banking system.Р”Р„ growing lack of confidence is perhaps the most troubling similarity to 2008 and the biggest worry. The core problem, as it was three years ago, is too much debt that borrowers are having a hard time repaying - but this time it is government debt rather than consumer debt. But the experts add that there are reasons to worry, and they do not rule out a quick downward spiral if politicians in the United States and in Europe cannot calm investors by addressing fundamental financial threats. Many say the risks are lower today - at least in terms of an immediate crisis - because the financial system over all is healthier and there are fewer hidden problems. The answer is a matter of fierce debate among economists and market experts. Many Americans are wondering whether they are in for a repeat of the financial crisis of 2008. Politicians are scrambling to find solutions but are mired in disagreement. It feels eerily familiar: Stocks are plummeting.

Financial turmoil