Each episode of financial instability is different and teaches us something new about what information is useful and who needs to call whom to share information.
For example, clearing mechanisms for futures and options were an issue in the 1987 crash; capital impairment of depositories, its effect on lending, and the response of regulators took center stage in the late 1980s and early 1990s; the importance of market liquidity came to the fore in 1998 when even the prices of off-the-run Treasury securities took a beating; and physical infrastructure issues dominated developments after the terrorist attacks on 9/11.