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dimensions. this is in a book that says here is the single cause. there were a lot of causes and there have to be remedies. let me ask you before we end about the choice of the word panic, which is in your title. you call it the great to panic. i associate the word panic with the panic of 1907 or 1837. it s not a word we used recently. why did you take it? guest: i picked it for exactly that reason. this is more like the panic of 1907 before the fed was created when jpmorgan himself, the man, sort of served his function. it s more like that than what we have seen since. a panic is when there s a loss of confidence in the whole financial system and everybody starts to take their money in because they are afraid they can t trust anybody so that s basically my diagnosis of what it is and was a deliberate harkening back to the earlier period of great instability and chaos that led congress to create the fed in 1913. the fed was created to do is hold up the are doing now. ....

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