Notice that while this paper talks about insolvency caused by depositor runs, that's not the only way banks can go insolvent. In 2008 Bear Stearns and Lehman w

Notice that while this paper talks about insolvency caused by depositor runs, that's not the only way banks can go insolvent. In 2008 Bear Stearns and Lehman went insolvent not because of depositors (neither of them were big in the deposit market) but because counterparties wouldn't trade with them because of fear of overnight jump to default. So when people say "this time it's different" in that way yes it is. But it's not good news - just that there are multiple ways in which a bank's business model depends on others (depositors and trading counterparties in these examples) for various forms of liquidity and can be extremely fragile in the event of a liquidity crisis.