Here is Larry White providing some perspective on the ongoing financial crisis.
I will be speaking myself on the topic later today at Delaware State University drawing on much of what I liberally borrow from Larry White, George Selgin, Roger Garrison, Gerald O'Driscoll, Mario Rizzo, and Steve Horwitz.
Here are a few of my papers written on the topic since 2008:
The Ordinary Economics of an Extraordinary Crisis (with Will Luther)
Been There Done That (with Dan Smith and Nick Snow)
The Debt-Inflation Cycle and the Global Financial Crisis (with Chris Coyne)