Usually, current Financial Crisis of 2008 is compared to the Great Depression of 1929. But there are some evidences that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis is conducted on the basis of the history of the United States of America, where both mentioned crises were initiated. However, we will search for the answer to the basic question, namely: how events in the early twentieth century shaped the history of the economies in the next hundred years, and how expected changes in the institutional arrangements after 2008 may be comparable to the revolutionary changes of the social order after 1907 (e.g., appearance the Federal Reserve System in 1913, the adoption of the 16th Amendment of the U.S. Constitution, enabling the collection of taxes on personal income, growth and omnipotence of government agencies)?