That’s the name some are giving this week’s financial meltdown:

“For the last seven years we have spoken of living in a post-9/11 world. I think one day soon it may be more significant that we live in a post-9/14 world.”

Here’s some additional commentary from around the Internet.

Paul Krugman:“Worse than it Looks.”

Felix Salmon: “This thing ain’t over yet. In fact, it’s barely begun.”

Andrew Leonard: “The Wall Street Meltdown and You.”

“My take on the B of A buyout is that Hank is piling up all the **** into one huge **** on B of A’s books so that when they go under it is clearly too big to fail and can be handled in one fell swoop.” From a comment at Calculated Risk via Marginal Revolution. I heard the very same comment at the office today.

Arnold Kling provides the best-case scenario. (His prediction for the day was pretty darn accurate).

Lots of bullet-dodging going on out there. I am of two minds on this one. It looks like a massive house of cards ready to collapse. That said, ever since the Great Depression, modern regulatory bodies have been essentially able to manage their way of of financial crises. (My dissertation examined the S&L debacle, the response to it, and its impact on urban form). My hunch is we will once again manage our way out of this one: the Great Crash is not around the corner. That said, this one also looks potentially a lot worse than the others.

We’ll surely know much more tomorrow and certainly by week’s end. Hold on tight.