The Bank Panic of 1907 is considered the primary catalyst in the creation of the Federal Reserve System.
In Europe, for instance, responsibility for bank supervision, and the provision of liquidity in the event of a bank panic, will officially remain with national regulators and national central banks.
In the last crisis, taxpayers made a nice business out of relieving a bank panic that arose, circularly, from fear that taxpayers would not act to relieve a bank panic.
This rationale was having trouble passing the collective smell test, so Paulson added that the program would calm customers of money market funds who were beginning to panic and bank depositors who might also panic.
To state the bloomin' obvious, when a bank can't borrow from anywhere, even from the central bank, to repay its own debts as they fall due, well that's what causes panic and bank runs - because no one would leave their money in a bank that can't repay its debts.
In Venezuela, Finance Minister Ali Rodriguez said the government would take control of Stanford Bank Venezuela, after a wave of panic withdrawals, even though the bank's assets are separate from SIB.
But, judging by the level of panic at the World Bank's H Street headquarters, it is less than perfect in practice.
That would leave depositors, like participants in money-market mutual funds, able to pull money out without fear that a panic would render their bank illiquid.
Japan's central bank seems to have stilled talk of financial panic with huge injections of liquidity.
Of course mad panic might cause problems because a bank always lends a proportion of its customers' money and it simply doesn't have enough to pay them all.
Which is why in a time of panic they may well stop lending to any bank which may have a direct or indirect exposure.
Last March, in the bowels of global financial panic, it was far from clear that Bank of America would survive and that the stock was dirt cheap.
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Amex, like Goldman Sachs ( GS) and Morgan Stanley ( MS), received federal money to help stabilize its funding during the panic, and had to become a regulated bank holding company in late 2008.
But it might not take such dire conditions to cause a panic that would send investors running to the bank to pick up or sell that chunk of gold they think is waiting with their name on it.
Both announcements bore a whiff of panic: they were made during steep falls in bank shares and the fine print was tidied up afterwards.
"The world's stock markets are in meltdown so the Fed came in with an inter-meeting move to try to stop the panic, " Christopher Rupkey, senior economist at Bank of Tokyo-Mitsubishi.
In panic, Mr Hilli reversed the car into a bank of earth surrounding the remote car park above the hamlet of Chevaline, the report suggests, trapping the back axle and preventing his escape.
Of course our central bank could make the opposite mistake, easing too much in a panic.
They show that on 17 August, Amir sent his bank details to a contact in Pakistan, whom he texted again in a panic after the match-fixing scandal broke on 28 August, asking for details of his calls to be deleted.
Rumours swirl and panic flares: shares in BNP Paribas, a well-run French bank, dropped by 12% on the morning of September 13th following reports that no one would lend it dollars.
The Italian election "is not causing widespread panic yet, " said Sean Callow, senior currency strategist at Westpac Institutional Bank in Sydney.
He had borrowed so much money from Marine National Bank that it would fail along with Grant and Ward, possibly setting off a major panic on the Street.
Some bank customers withdrew as much of their cash as they could and the fear was the panic could spread to other countries and prompt capital flight from weaker EU economies.
Early in 1907, Paul Warburg, a German born American banker warned in a piece published in the New York Times Annual Financial Review, that without a properly structured central bank, the U.S. would undergo the most severe and far reaching money panic in its history.
Because each lacks its own central bank to act as a lender of last resort, troubled countries can more easily be pushed into default as markets panic.
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