People around the world are changing their clothing, eating and drinking habits to cope with the credit crunch, reports The Times. Clearly this economic crisis is different. Just how different becomes apparent when you read this IMMF working paper Transmission of Liquidity Shocks: Evidence from the 2007 Subprime Crisis. The blame is sheeted home to the unprecedented complexity and integration.

"The financial turbulence that originated in U.S. financial markets has so far been very
protracted.

"What started out as a liquidity crisis, turned into a solvency issue. Indeed, a number of major central banks have intervened heavily in order to maintain the stability of the global financial system. Many of the largest complex financial institutions have had to strengthen their balance sheet positions through capital injections from other investors. The analysis presented here suggests that increasing financial integration and innovation can make market and funding liquidity pressures readily turn into issues of insolvency."

In other words, with the increased interconnectedness, the banks stopped trusting each other and that raised the price of their raw material, money.

You could add to that good old fashioned greed.