Warren Buffett said at 2008 AGM of Berkshire Hathaway ...

In fact, that was one of the interesting things that was said in testimony before the Senate finance committee. I think two of the witnesses (Bear Stearns) said: "We understood we couldn't borrow money unsecured if people started looking at us askance. But we never dreamed that we couldn't borrow money secured." Well we found that out at Solomon 17 years earlier, when we were having trouble borrowing money secured.

When the world doesn't want to lend you money, 10 or 20 or 50 basis points - or a bigger haircut on collateral - doesn't do much. They'll only lend you money if they want to lend you money.

And if you're dependent on borrowed money every day, you have to wake up in the morning hoping the world thinks well of you. And there was a period a couple of months ago when almost every investment bank in the United States was plenty worried about whether people were going to think well of them the next morning.