Is this 2008 all over again?

The short answer is no, this is not a repeat of the scenario that ultimately sent the economy into a sharp recession 2-3 years ago. In a CNBC article (HERE), they asked many market Pundits, and got the same answer – NO.

At its core the 2008 Lehman collapse stemmed from a crisis of confidence that in turn stemmed from an overload of toxic mortgage-related debt across the financial system.  US banks are far better capitalized now than the massively overleveraged conditions in 2008, they argue.

As for stocks and a performance similar to 2008, the sentiment persisted that while there are similarities, there also are some key differences.

"A lot of people are asking, is this 2008 and Lehman all over again? I think it's not," Rob Morgan, chief investment strategist at Fulcrum Securities in McLean, Va., told CNBC. "The big difference is back in 2008 these banks had subprime debt securities that we couldn't even value. Today, American banks and European banks, obviously they've got their problems. But at least we know what they are."