Charleston, SC - He is Vice President of the Federal Reserve Bank in Atlanta. Dr. Gerald Dwyer, speaking at a seminar at the College of Charleston, says the nation's current financial crisis could face another setback. Dwyer says this is an unprecedented event in the country's history, one he believes is not over.

American's sat back and watched as one by one, financial giants fell. Those include Wachovia, AIG, and Lehman brothers just to name a few. The fallout, Wall Street tumbled and investors began pulling their money out. The question remains, when will all this end? Dwyer says that’s a tough prediction to make because it's never happened before.

"The problem with a one of a kind event, it happens one time like the financial crisis of 2008, what do you compare it to, 1929-33, well no, it was very different in a lot of ways and so how big the effects will be is hard to gauge,” said Dr. Dwyer.

Many factors play a role in stabilizing the economy. For example, home construction remains at low levels across the country. The mortgage industry lost an estimated 400 billion dollars as foreclosures jumped and home value dropped.

"Is it possible we are going to have another dramatic event? It is quite possible, but you can’t predict what the dramatic event will be,” said Dr. Dwyer

Dwyer says he doesn't usually give financial advice but did say it's important family's keep an eye on long term goals, adding if you can't sleep at night, it's time to make some changes.

We asked Dwyer who is to blame for this crisis, he said based on his position, that's not a question he can comment on. Dwyer's visit to the College of Charleston hosted by the Department of Economics and Finance.