The more you think times have changed, the more they remain the same. Amazing econ history is..
I came across this paper by Atlanta Fed econs — Stephen Quinn and William Roberds. It is just amazing to note how similar things were way back in 1763. One had pretty similar financial instruments in 1763 whose drying up led to the crisis. And yes you had pretty similar instis like Lehman Brothers which did not have access to retail deposits but relied on a form of wholesale financing.
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