The current (worldwide, money, banking, credit, fiscal, financial, monetary) crisis (Fall of 2008) is not due to either monetary or fiscal policy. It is due to a total lack of oversight of the financial system by the SEC and the Fed which allowed the creation of a huge amount of nearly worthless securities being created and sold around the world to all kinds of investors, including commercial banks. It's one of kind, and hopefully will never be allowed again.

Parentheses added by MRC

I hate to kick a guy when he is down, but I will make an exception as a tribute to his unimaginable arrogance. It is worth noting that the buck stops at George W. Bush for the SEC and the Treasury --- MRC