Sure, here are some of the key takeaways from the book Panic by Michael Lewis:

1. Financial panics are nothing new and have been a part of the economic cycles since the early days of capitalism.

2. Panic is an irrational emotion that drives people to make questionable decisions in a financial crisis, often leading to greater losses.

3. The American financial system is based on trust and confidence, and when that trust is broken, panic can quickly spread.

4. In a crisis, the authorities play a critical role in restoring confidence, but their responses can also exacerbate the panic.

5. Derivatives and other complex financial instruments played a significant role in the 2008 financial crisis, and their risks were not adequately understood or regulated.

6. The crisis exposed serious flaws in the banking system and highlighted the need for greater transparency and accountability in the financial industry.

7. The crisis also exposed the dangers of groupthink and the need for diverse perspectives and independent thinking in decision-making.

8. The aftermath of the crisis saw significant changes in the financial industry, including new regulations and reforms aimed at preventing future crises.

9. While financial panics can be devastating for individuals and economies, they can also create opportunities for growth and change.

10. The book emphasizes the importance of understanding the psychology of financial panics and the need for vigilance and preparedness in managing future crises.

"Panic: The Story of Modern Financial Insanity" by Michael Lewis is a gripping account of some of the most turbulent moments in recent financial history. Written by the bestselling author, the book takes an in-depth look at the events leading up to five major market upheavals: the crash of '87, the Russian default, the Asian currency crisis of 1999, the internet bubble and the sub-prime mortgage disaster. Using his signature wit and storytelling, Lewis skillfully weaves contemporary accounts with hindsight analysis to provide a comprehensive understanding of what caused these crises and what lessons can be learned from them.