In 2008 we had a problem because of debt, the debt in 2008 was nothing compared to what's happening now. In 2008 the Chinese had a lot of money saved for a rainy day. It started raining and they started spending the money.
Now even the Chinese have debt and the debt is so much higher. The Federal Reserve's balance sheet is up over five times since 2008. It will be the worst thing in my lifetime. (iShares FTSE/Xinhua China 25 Index ETF (FXI), iShares MSCI Emerging Markets Index ETF (EEM), SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA))
