The last time the stock market corrected...

...in 2000-01, the scandals were all of a corporate nature: Enron, Tyco, Worldcom, Global Crossings, etc. The sector that was hit the hardest was technology. This time the scandals all involve individual money managers: Bernie Madoff, Walsh-Greenwood, Allen Stanford, etc. And the financials are the hardest hit group. Someone told me recently that history doesn't necessarily repeat itself but it does echo.