“Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.”
From the book Lombard Street by Walter Bagehot (editor of The Economist among other things), published in 1873. Bank runs and its devestating consequences on old businesses (Bear Stearns was founded in 1923) seem to be a prime example of history repeating itself, with the banking panic of 1907 having other similarities to today's situation as well, including the key role played by J.P. Morgan.
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