The Panic of 1907: Lessons Learned from the Market's 'Perfect Storm' / Edition 1by Robert F. Bruner, Sean D. Carr
Pub. Date: 08/31/2007
Why do markets crash and bank panics happen? Conventional wisdom has gathered, like iron filings, at two intellectual poles: at one extreme is a hodge-podge of idiosyncratic, period-specific causes and at the other is a host of all-encompassing "single bullet" theories. In The Panic of 1907, authors Robert Bruner and Sean Carr offer an alternate perspective… See more details below
Why do markets crash and bank panics happen? Conventional wisdom has gathered, like iron filings, at two intellectual poles: at one extreme is a hodge-podge of idiosyncratic, period-specific causes and at the other is a host of all-encompassing "single bullet" theories. In The Panic of 1907, authors Robert Bruner and Sean Carr offer an alternate perspective through a detailed narrative of one of the worst crises in modern financial historyone which ultimately transformed the American financial system and resulted in the establishment of the modern Federal Reserve.
Drawing from rare source materials, Bruner and Carr take you day by day through the crisis in 1907, revealing what happened, why it matters, and what we can learn from it. Beginning with a catastrophic earthquake in San Francisco and culminating in the shocking suicide of the deposed president of one of New York's leading financial institutions, this book will draw you into the central issues surrounding the panic of 1907. Throughout this journey, you'll not only become familiar with the events of the crisis, but you'll also discover how larger-than-life figures, such as the inestimable J. Pierpont Morgan, took it upon themselves to provide leadershipand inspire confidenceat a time of great uncertainty and instability.
Filled with in-depth insights, The Panic of 1907 offers a deeper understanding of what influences financial marketsboth then and now. Through this engaging case study of the panic and crash, Bruner and Carr provide a useful framework for understanding these events, suggesting that major financial crises can be the result of a convergence of certain, unique forcesthe forces of the market's "perfect storm"that can cause investors to react with alarm.
When the many elements of the next financial storm converge, will you be ready? With The Panic of 1907 as your guide, you'll be prepared to assess, understand, and anticipate the factors that can lead to a crisis.
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Table of Contents
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.
Appendix A. Key Figures After the Panic.
Appendix B. Key Definitions.
About the Authors.
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Most Helpful Customer Reviews
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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.
Anyone interested in financial crisis should read this book. It tell how a few scoundrels can cause havoc in financial markets.