Is history repeating itself?

Well, I haven't really listened to the news a whole lot until the President came on last night and talked about the stock market and the whole ordeal with that. And it made me wonder: Are we headed into another Great Depression? The reason why it is down sounds a lot like why it crashed towards the end of the 1920s. Banks loaned out too much money to people who really and truly had no intentions of paying the loan back and when one person does this, it's bad enough; but when more people are doing it, the situation turns ugly.
It's not the American people's fault, no, it's the banks trying to get greedy and issue out more than what they should have. It's hard to believe that they have "financial advisors" and this happened and I come to the conclusion that obviously these so-called advisors don't know how to advise properly. I pray that the situation turns for the better and that the banks learn from their mistakes...
...who knows, maybe they should have paid more attention in History class when the crash of the Stock Market was taught and this whole thing could have been avoided!