This paper examines the failures or in some cases near-failures of financial institutions that started the 12 most severe peacetime financial panics in the United States, beginning with the Panic of 1819 and ending with the Panic of 2008. The following generalizations were true in most cases, although not in all. (1) Panics were triggered by a short series of failures or near-failures; (2) many of the failing institutions were what we would now call shadow banks; (3) typically, the source of trouble was an excessive investment in real estate; and (4) typically, they had outstanding reputations for trustworthiness, prudence, and financial acumen—before they failed. It appears that in these respects the Panic of 2008 was an old-school panic.[a panic] occurs when a succession of unexpected failures has created in the mercantile, and sometimes also in the non-mercantile public a general distrust in each other’s solvency; disposing every one not only to refuse fresh credit, except on very onerous terms, but to call in, if possible all credit which he has already given.—John Stuart MillAll of this has happened before, and it will all happen again.—Peter Pan

中文翻译：

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哦，强者是如何倒下的：引发美国最大金融恐慌的银行倒闭和几近倒闭

本文研究了金融机构的倒闭或在某些情况下几近倒闭，这些金融机构引发了美国 12 次最严重的和平时期金融恐慌，从 1819 年的恐慌开始到 2008 年的恐慌结束。以下概括在大多数情况下都是正确的案例，虽然不是全部。(1) 恐慌是由一连串的失败或几近失败引发的；(2) 许多倒闭的机构就是我们现在所说的影子银行；(3) 通常，麻烦的根源是对房地产的过度投资；(4) 通常，在失败之前，他们在可信赖、审慎和财务敏锐方面享有盛誉。从这些方面来看，2008 年的恐慌似乎是一场老派的恐慌。[恐慌] 发生在商业领域出现一连串意外失败时，有时在非商业公众中也普遍不信任彼此的偿付能力；让每个人不仅拒绝新的信用，除非是非常繁重的条款，而且如果可能的话，他已经给予的所有信用都收回来。——约翰·斯图尔特·米尔这一切以前都发生过，这一切都会再次发生。——彼得平底锅