Here is Jeff Frieden of Harvard with his views on the financial crisis:
Now... are you scared?
Should you be scared?
I would say "no". Why? This guy is a professor of "government" at Harvard! What qualifications does he have to pontificate on "the crisis"?
This is typical of "big events". It brings all kinds of crazies out of the woodwork who suddenly puff themselves up and sagely give their "learned opinion" on the big event of the day. Typically they echo the mainstream opinion. There is no content. They have no special expertise. But the media quickly hand over the microphone to them and let them drown out the few real experts who have something useful to say.
Who perpetrated this talking head on us? Greg Mankiw. Bush's former head of the Council of Economic Advisors. I would say that Mankiw delights in passes out this "the world is falling" meme because he is a sock puppet of the rich and powerful. They are tickled pink to see the collapse of civilization as we know it because they simply get in their yachts and sail away.
So don't get caught up in stuffed shirts pontificating. Ignore them!