Probably the best example I saw in my career was with the investment company First Boston, a once-venerable outfit that no longer exists—and there is little doubt that the self-inflicted destruction of its credibility played a role. At one point, the company was led by an executive who constantly led reporters astray with false tales. His chief public relations executive was a marketing official who never understood that there was a difference between talking up the company and speaking to the press. Reporter after reporter was waived off of true stories, and they assumed that a company of First Boston’s caliber wouldn’t be foolish enough to lie (which is not the same as spinning ugly facts to put them in a less harsh light).

Then came the day when rumors hit the market that First Boston was on the verge of collapse because of a lousy investment deal. The stock plummeted as article after article appeared reporting the rumors. (I didn’t.) I received a desperate phone call from the public relations office asking what was happening, and why articles about rumors were being published. The answer was simple: First Boston had lied so many times—sometimes to the detriment of reporters’ reputations—that no one was going to listen to it. I told the official that, from the best I could tell, the rumors were not true, but there was no way I was going to print that: There was no one at First Boston I would trust to confirm my belief.

There was another business just like First Boston when it came to deceiving the press: the Trump Organization. Donald Trump lied to the press with the alacrity of a dog running for dinner. Early in my career, when I caught Trump in a gargantuan falsehood, I told my editor about it, thinking this was a story. But my editor shot it down—it wasn’t news, he told me, that Donald Trump was a liar.

Which brings us to President Trump and the Trump White House. Officials there have been burning through their credibility as if it was soaked in gasoline. Just because Trump spins falsehoods does not mean that his staff has to back them up. But there is no one in the White House with the wisdom, experience or maturity to recognize that someday they will need credibility in the midst of some crisis. By then, just as with First Boston, it will be too late. No one will care what the Trump team has to say, because no one will believe a word of it.