Mickey learns of it and panics.

He's coming and then the monkey panics.

He panics when it comes to gas.

In fact, many panics happen for a good reason.

Otherwise, bank runs and debt panics will be rampant.

But is deposit insurance the best defense against bank panics?

Economists Charles Calomiris and Gary Gorton rate the worst panics as those leading to widespread bank suspensions the panics of 1873, 1893, and 1907, and a suspension in 1914.

Financial panics subside, and the authorities realize a profit on their intervention.

Widespread suspensions were forestalled through coordinated actions during both the 1884 and the 1890 panics.

Since the end of the Civil War, the United States had experienced panics of varying severity.

Panics no longer occurred, which stabilized the financial system and contributed to sustained post war economic growth.

This had contributed to the financial panics of 1893 and 1896, which caused unemployment and financial uncertainty.

In those panics, financial innovation caused uncertainty and nervousness, but also induced an important and beneficial learning process.

Deposit insurance did away with financial panics because bank runs are typically driven by a self fulfilling prophecy.

Indeed, greater competitive pressure may increase the fragility of banks balance sheets and make investors more prone to panics.

WASHINGTON, D.C. The panics of the past two years in emerging markets have driven home many lessons about the global economy.

Small failures can give birth to large panics, which means that in a crisis almost everyone is too big to fail.

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Implementing liquidity provision policies like those advocated by Bagehot would prevent bank panics without the incentive for undue risk taking associated with deposit insurance.

Instead, there were a series of 'money panics' what we call 'recessions' which put pressure on Congress to enact legislation to place the banking system under centralized control.

One of its leading deities is the efficient market hypothesis the belief that the market accurately prices all trades at each moment in time, ruling out booms and slumps, manias and panics.

A series of bank panics emanated from central Europe in the summer of 1931 and spread financial contagion to Great Britain, then to the US and France, and finally around the world.

Still, there is an upside here. Europe's relatively newfound fiscal discipline probably was a blessing in maintaining market confidence, and thus in immunizing the Continent, during the Asian, Russian, and Brazilian financial panics.

Later, Maurice Obstfeld pointed out that, in addition to fiscal transfers, a currency union needs clearly defined rules for the lender of last resort. Otherwise, bank runs and debt panics will be rampant.

In other words, the traditional securities available to investors make it easier to bet in favor of a company than against it, causing prices to be affected more by irrational exuberance than by panics.

Deposit insurance did away with financial panics because bank runs are typically driven by a self fulfilling prophecy. They occur when a bank's clients fear that most of their fellow depositors will withdraw their funds.

Scottish independence, the No campaign argues, would bring few if any of the claimed benefits on the contrary, it would cause many economic calamities, ranging from financial panics to the flight of jobs and industry from Scotland.

Banks lend to banks, so while some are more illiquid than others, they are all intrinsically illiquid institutions. Small failures can give birth to large panics, which means that in a crisis almost everyone is too big to fail.

As far back as 1873, in his classic book on central banking,Lombard Street, Walter Bagehot noted that central banks should be able to prevent financial panics by injecting liquidity into the economy. I have studied policies of the type proposed by Bagehot in a way that allows me to compare them with deposit insurance schemes.

Shorting a stock is difficult and risky it is difficult because borrowing stocks is hard to do, and it is risky because shorting has limited upside but infinite downside. In other words, the traditional securities available to investors make it easier to bet in favor of a company than against it, causing prices to be affected more by irrational exuberance than by panics.