Policymakers, bankers and investors are making the same
errors that created the recent financial crisis, predicts financial industry
luminary Lance Thayer, a regular broadcast pundit and figure in the Texas investment
community.

Thayer, who hosts the nationally syndicated talk show, "Money
Lessons with Lance", says: "There is no denying that a major
financial event is coming, and not a positive one.  Much of what is playing out today in the
financial markets, as well as newly-released economic data, bears striking
similarities to what we all saw transpire in the 2008-2009 disaster. And by
'striking,' I really mean `scary’”.

"It's like we're all standing on those same old tracks
once again. Most of us seem to be watching, or even worse, waiting for the next
disaster as if we're mesmerized by its approaching doom," said Thayer, who
owns Professional Tax Planners of Texas, a firm that specializes in the needs
of Baby Boomer middle class families.

"Even worse this time around is the fact that our
leaders, the same ones who were sleeping at the wheel during the 2008 disaster,
seem to be sleeping at the wheel once again. It's as if they are incapable of
seeing, and let alone handling, the financial crash that is clearly headed our
way," he said.

Thayer says there are nine similarities between the last
crisis and today:

-- The Housing Bubble of 2008-09 burst, leaving millions of
homeowners underwater in their mortgages. It's happening all over again, but
this time in the global bond market where the bubble has already started
exploding;

-- Mortgage delinquency rates spiked in 2008. Now they're on
the rise again;

-- In 2008, banks began failing because they couldn't pay up
on promises when derivatives and loans failed. It's happening all over again;

-- Wall Street investment bankers seem to have short
memories about the collateralized debt obligations, or "CDOs,"
implosion that rocked the markets in 2008. They're at it again this year
pouring nearly $37 billion into those derivatives;

-- The number of adjustable rate mortgages has skyrocketed
to levels not seen since 2008. See where it's happening all over again;

-- Bank of America Merrill Lynch has seen large
institutional clients exiting stock positions at a rate not seen since 2008;

-- Gold prices fell sharply in 2008 before the crisis began.
Is this happening all over again?

-- Food stamp usage has soared since 2008 from 28 million to
46.7 million recipients;

-- Consumer Confidence in the economy continues to fall for
the third straight month. 49 per cent of consumers believe that the US continues
its economic recession.

(Editor’s note: This
publication is pleased to share investment and economic commentaries from the
industry; the editors do not, however, necessarily share the views expressed in
this article.)