The Panic Of 1907

Author : Robert F. Bruner,Sean D. Carr
Publisher : John Wiley & Sons
Page : 296 pages
File Size : 52,9 Mb
Release : 2009-04-27
Category : Business & Economics
ISBN : 9780470452585

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The Panic of 1907 by Robert F. Bruner,Sean D. Carr Pdf

"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

Author : Clément Juglar
Publisher : Unknown
Page : 170 pages
File Size : 40,7 Mb
Release : 1893
Category : Business cycles
ISBN : HARVARD:HNT153

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A Brief History of Panics and Their Periodical Occurrence in the United States by Clément Juglar Pdf

Author : Elmus Wicker
Publisher : Cambridge University Press
Page : 180 pages
File Size : 48,9 Mb
Release : 2006-03-30
Category : Business & Economics
ISBN : 0521025478

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Banking Panics of the Gilded Age by Elmus Wicker Pdf

This is the first major study of post-Civil War banking panics in almost a century. The author has constructed for the first time estimates of bank closures and their incidence in each of the five separate banking disturbances. The author also reevaluates the role of the New York Clearing House in forestalling several panics and explains why it failed to do so in 1893 and 1907, concluding that structural defects of the National Banking Act were not the primary cause of the panics.

Author : Roger Lowenstein
Publisher : Penguin
Page : 368 pages
File Size : 51,8 Mb
Release : 2015-10-20
Category : Business & Economics
ISBN : 9781101614129

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America's Bank by Roger Lowenstein Pdf

A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established. For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans’ mistrust of big government and of big banks—a legacy of the country’s Jeffersonian, small-government traditions—was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America’s burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and—improbably—a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act. Roger Lowenstein—acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street—tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America’s Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians. Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America’s finances; Rhode Island’s Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country’s most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they’re reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today.

Author : Giorgio Pizzutto
Publisher : Springer
Page : 226 pages
File Size : 49,9 Mb
Release : 2019-04-02
Category : Business & Economics
ISBN : 9783030144890

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The US Financial System and its Crises by Giorgio Pizzutto Pdf

Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries. How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis.

Author : Gary B. Gorton
Publisher : Oxford University Press
Page : 240 pages
File Size : 51,7 Mb
Release : 2010-03-08
Category : Business & Economics
ISBN : 0199742111

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Slapped by the Invisible Hand by Gary B. Gorton Pdf

Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

Author : Robert Sobel
Publisher : Unknown
Page : 469 pages
File Size : 44,6 Mb
Release : 1972
Category : Depressions
ISBN : OCLC:3286862

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Panic on Wall Street by Robert Sobel Pdf

Author : Barry J. Eichengreen
Publisher : Oxford University Press, USA
Page : 521 pages
File Size : 44,7 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780199392001

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Hall of Mirrors by Barry J. Eichengreen Pdf

"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Author : Thomas William Lawson
Publisher : DigiCat
Page : 182 pages
File Size : 42,5 Mb
Release : 2022-11-21
Category : Fiction
ISBN : EAN:8596547410492

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Friday, the Thirteenth by Thomas William Lawson Pdf

Friday the Thirteenth by Thomas William Lawson is the captivating mystery tale of how a poor stockbroker manages to send the Wall Street stocks into oblivion, causing stockbrokers to swear against trading on Friday the 13th. Excerpt: "Friday, the 13th; I thought as much. If Bob has started, there will be hell, but I will see what I can do." The sound of my voice, as I dropped the receiver, seemed to part the mists of five years and usher me into the world of Then as though it had never passed on. I had been sitting in my office, letting the tape slide through my fingers while its every yard spelled "panic" in a constantly rising voice, when they told me that Brownley on the floor of the Exchange wanted me at the 'phone, and "quick." Brownley was our junior partner and floor man. He talked with a rush. Stock Exchange floor men in panics never let their speech hobble."

Author : Christopher W. Shaw
Publisher : University of Chicago Press
Page : 417 pages
File Size : 44,6 Mb
Release : 2019-09-05
Category : Business & Economics
ISBN : 9780226636474

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Money, Power, and the People by Christopher W. Shaw Pdf

An “engaging and well-researched study [of] ordinary people who joined together to challenge financial institutions” (Choice). Banks and bankers are hardly the most beloved institutions and people in this country. With its corruptive influence on politics and stranglehold on the American economy, Wall Street is held in high regard by few outside the financial sector. But the pitchforks raised against this behemoth are largely rhetorical: We rarely see riots in the streets or public demands for an equitable and democratic banking system that result in serious national changes. Yet the situation was vastly different a century ago, as Christopher W. Shaw shows. This book upends the conventional thinking that financial policy in the early twentieth century was set primarily by the needs and demands of bankers. Shaw shows that banking and politics were directly shaped by the literal and symbolic investments of the grassroots. This engagement remade financial institutions and the national economy, through populist pressure and the establishment of federal regulatory programs and agencies like the Farm Credit System and the Federal Deposit Insurance Corporation. Shaw reveals the surprising groundswell behind seemingly arcane legislation, as well as the power of the people to demand serious political repercussions for the banks that caused the Great Depression. One result of this sustained interest and pressure was legislation and regulation that brought on a long period of relative financial stability, with a reduced frequency of economic booms and busts. Ironically, this stability led to the decline of the very banking politics that brought it about. Giving voice to a broad swath of American figures, including workers, farmers, politicians, and bankers alike, Money, Power, and the People recasts our understanding of what might be possible in balancing the needs of the people with those of their financial institutions.

Author : Marquis James,Bessie R. James
Publisher : Beard Books
Page : 596 pages
File Size : 47,7 Mb
Release : 2002-10
Category : Business & Economics
ISBN : 1587981459

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The Story of Bank of America by Marquis James,Bessie R. James Pdf

This biography of a bank is largely a narrative that lauds the founder of the bank, A. P. Giannini, and his son for their ability to expand the bank and its assets from its origins within the Bank of Italy in 1906 to the early 1950s. This reprint contains no additional material. The 1954 copyright

Author : R. Glenn Hubbard,National Bureau of Economic Research
Publisher : University of Chicago Press
Page : 420 pages
File Size : 55,7 Mb
Release : 1991-08-13
Category : Business & Economics
ISBN : 0226355888

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Financial Markets and Financial Crises by R. Glenn Hubbard,National Bureau of Economic Research Pdf

Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.

Author : Sarah Binder,Mark Spindel
Publisher : Princeton University Press
Page : 301 pages
File Size : 48,6 Mb
Release : 2019-07-09
Category : Business & Economics
ISBN : 9780691191591

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The Myth of Independence by Sarah Binder,Mark Spindel Pdf

An in-depth look at how politics and economics shape the relationship between Congress and the Federal Reserve Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence marshals archival sources, interviews, and statistical analyses to trace the Fed’s transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress’s role in steering this evolution, Sarah Binder and Mark Spindel explore the Fed’s past, present, and future and challenge the myth of its independence.

Author : John Kenneth Galbraith
Publisher : Princeton University Press
Page : 390 pages
File Size : 41,7 Mb
Release : 2017-08-29
Category : Business & Economics
ISBN : 9780691171661

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Money by John Kenneth Galbraith Pdf

Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud.

Author : Richard A. Naclerio
Publisher : Agenda Publishing
Page : 226 pages
File Size : 46,7 Mb
Release : 2018
Category : Federal Reserve banks
ISBN : 1911116037

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The Federal Reserve and Its Founders by Richard A. Naclerio Pdf

Richard A. Naclerio investigates the events that surrounded the U.S. Federal Reserve's creation and the bankers, financiers, and economists who shaped its role over the next century. He sheds new light on the making of one of the world's most important financial institutions and how it came to have such crucial national and international influence.