The Panic of 1907: Lessons Learned from the Market's Perfect Storm

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Overview

"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
—Dwight B. Crane, Baker Foundation Professor, Harvard Business School

"Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs."
—Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past."
—John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds."
—Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business

Product Details

ISBN-13: 9780470452585
Publisher: Wiley, John & Sons, Incorporated
Publication date: 4/27/2009
Edition number: 1
Pages: 296
Sales rank: 296,026
Product dimensions: 5.90 (w) x 8.90 (h) x 0.80 (d)

Meet the Author

Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and Deals from Hell. Bruner has served as a consultant to over twenty corporations and the U.S. government and, prior to his academic career, worked as a commercial banker and venture capitalist. He holds a BA from Yale University, and an MBA and DBA from Harvard University.

Sean D. Carr is the Director of Corporate Innovation Programs at the Darden School's Batten Institute, University of Virginia. Previously, Carr spent a decade as a journalist, having served as a producer for both CNN and ABC News's World News Tonight with Peter Jennings.

Foreword: Within a Fraction of Disaster.

Acknowledgments.

Prologue.

Introduction.

Chapter 1 Wall Street Oligarchs.

Chapter 2 A Shock to the System.

Chapter 3 The “Silent” Crash.

Chapter 4 Credit Anorexia.

Chapter 5 Copper King.

Chapter 6 The Corner and the Squeeze.

Chapter 7 Falling Dominoes.

Chapter 8 Clearing House.

Chapter 9 Knickerbocker.

Chapter 10 A Vote of No Confidence.

Chapter 11 A Classic Run.

Chapter 12 Such Assistance as May Be Necessary.

Chapter 13 Trust Company of America.

Chapter 14 Crisis on the Exchange.

Chapter 15 A City in Trouble.

Chapter 16 A Delirium of Excitement.

Chapter 17 Modern Medici.

Chapter 18 Instant and Far-Reaching Relief.

Chapter 19 Turning the Corner.

Chapter 20 Ripple Effects.

Lessons Financial Crises as a Perfect Storm.

Reflections on the Centennial: The Subprime Crisis Commencing in 2007.

Appendix A: Key Figures after the Panic.

Appendix B: Definitions.

References.

Notes.

About the Authors.

Index.

Customer Reviews

Average Rating 4.5

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RolfDobelli

Posted October 21, 2008

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A vivid history and critique of the 1907 financial crisis

If you compare the 1907 crisis that struck U.S. and European financial institutions with 2008¿s economic emergencies, you will discover striking similarities. (In fact, the uncanny parallels have made this fascinating book a bestseller.) Strong interconnectivity between financial firms meant that trouble at one migrated to others. Both crises involved serious credit and liquidity concerns. Both provoked populist attacks against Wall Street. In part, the trusts hit trouble in 1907 because of insufficient regulation. The 1907 crisis started on Wall Street, and quickly jumped to European institutions. In 2008, the trajectory was even more global. Of course, marked differences also separate these episodes. In 1907, fabled financier J.P. Morgan exercised remarkable leadership to end the crisis, and to reassure depositors and investors that their savings and equity holdings were secure. Morgan calmed the waters so the panic would not spread. ¿This is the place to stop this trouble,¿ he said of the Trust Company of America. Robert F. Bruner and Sean D. Carr explain why the 1907 panic occurred and use it as a valuable case study for understanding other monetary crises. getAbstract is confident that history lovers, businesspeople, financial executives and anyone who enjoys a well-told, real-life drama will love this book.

1 out of 1 people found this review helpful.
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NCoppin

Posted February 9, 2009

Seems like today.

Anyone interested in financial crisis should read this book. It tell how a few scoundrels can cause havoc in financial markets.
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