The financial universe is an architecture made of fictions and its keystone is what Lacan called a “subject supposed to know”, to know why and how. Who plays this part? The concert of authorities, from where sometimes a voice is detached, Alan Greenspan, for example, in his time. The financial players base their behavior on this. The fictional and hyper-reflexive unit holds by the “belief” in the authorities, i.e. through the transference to the subject supposed to know. If this subject falters, there is a crisis, a falling apart of the foundations, which of course involves effects of panic.
However, the financial subject supposed to know was already quite subdued because of deregulation. And this happened because the financial world believed, in its infatuated delusion, to be able to work things out without the function of the subject supposed to know. Firstly, the real state assets become waste. Secondly, gradually shit permeates everything. Thirdly, there is a gigantic negative transfer vis-à-vis the authorities; the electric shock of the Paulson/Bernanke plan angers the public: the crisis is one of trust; and it will last till the subject supposed to know is reconstructed. This will come in the long term by way of a new set of Bretton Woods accords, a council enjoined to speak the truth about the truth.
On the related matter of the baselessness of liberal economic theory see RPPE.