first of all, there IS another big liquidity crunch going on right now and i submit its worse than then b/c we never solved the underlying issues and just swept them under the rug by doubling the national debt by bailing out the criminals. AND the fact that there is no one left to bailout gov'ts like Greece and the rest of the pigs except for a bloated ECB/EFSF.
M2 suggests that rather than right now being a new second problem, the first one from 2008 is still ongoing.
But I think that there will be no new round of widespread asset dumping because cash will just magically appear out of thin air the minute that it looks like it is necessary to prevent another panic. The memory of 2008 is still fresh in the minds of those that can make it happen, and I don't think they'd hesitate for a minute to prevent a replay, no matter the long term consequences. That's why I think that the next round will look different.
