I'm as guilty as the rest: "financial" vs "economic" crisis?

"Our nation is dealing with a serious financial crisis."
[President Bush, President Bush Discusses the Economy, 17 Oct 2008]

I, too, have frequently referred to current situation as a "financial crisis".
I'm thinking this is misleading at best, and a serious mis-diagnosis at worst.

The term "financial crisis" focuses our attention on Wall Street, the stock markets, and the credit crunch. These, undoubtedly, all deserve our attention.
BUT... the problems run deeper. Unemployment is rising. The single largest asset owned by most folks has actually declined in value - not just "on paper", but for real! Your house - my house - isn't worth today what it was a year ago.
Recent disruptions in delivery of gasoline to southeastern states suggest serious problems with our basic infrastructure.

I think it time we all dropped the phrase "financial crisis" from our lexicon, and replaced it with "economic crisis."

Have a nice day.