Summer is here and U.S. financial markets are getting itchy about problems in emerging markets, mindful that it was summer when global financial crises erupted in 1997 and 1998.

"These sorts of things happened last July, and we're hearing rumblings again," said John B. Wimsatt, banking analyst at Friedman, Billings, Ramsey & Co. "You have to wonder if it's going to result in the same situation."

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