The chart below shows the US money supply. Remember that most of it is insured by the FDIC.
The next chart below shows the total reserve balances with Federal Reserve banks (the actual amount of "cash" in the financial system). Financial institutions (banks, thrifts, etc) use these reserve balances to pay each other using the Federal Reserve's Fedwire Funds Transfer System.
This third chart shows reserve balances with Federal Reserve banks VS the US money supply. Notice that at the end of 2007, financial institutions had .07 percent cash for every dollar in deposit, saving, money market, and other accounts.
The point here is that it is all one big crisis. The financial system as a whole has been rotting away for over fifty years. For more evidence of the progressive insolvency of the US financial system, look at the rising cost of resolving failed banks:
10.2% of deposits for 1985 failures
20.3% of deposits in 1989 failures
100% of deposits for 2009 failures (you can't get more insolvent than this)
Basically, a large and growing part of the financial system has been insolvant since the 1980s. Regulatory Forbearance has allowed this insolvency to fester until it exploded into the current financial crisis.
Decades of Regulatory Forbearance
One of the first forms of regulatory forbearance designed to prop up insolvent institutions was the Federal Reserve's emergency discount window lending, which was seriously abused in the 1980s. To stop this abuse by the Fed's discount window lending, in 1991 congress passed Federal Deposit Insurance Corporation Improvement Act (FDICIA). To keep propping up insolvent institutions despite FDICIA, gold leasing (the sale of central bank gold) was then heavily used in the 1990s.
The graph below shows how gold leasing replaced the Fed's discount lending as the means to keep insolvent institutions alive.
Unfortunately, central bank gold was not an unlimited resource. Especially after the 1999 Washington agreement, physical gold from central bank vaults stopped being a viable source of liquidity. To replace it, Wall Street was allowed to naked short sell trillions of treasuries.
To see the effects of the naked short selling of treasuries, below is a graph showing Treasury "failures to deliver" (naked short selling treasuries) VS the five year treasury yield. It shows how Treasury "failures to deliver" cause the price of treasuries to fall (and yields to rise).
Finally, for the 2005-2008 period, Wall Street was allowed to go wild with the selling of commodity IOUs. Open interest in all major commodities more than doubled during this time period.
Putting it all together, the chart below shows how decades of forbearance destroyed the US financial system.
The continuous regulatory forbearance over the last few decades is evidence that everything has been one big crisis, with the US financial system growing ever more insolvent and unstable, and The 2010 Food Crisis is what will finally bring the whole house of cards tumbling down.