Thursday, April 22, 2010

Panic of 1907

Rarely would I read 3 pages on Wikipedia, but this was really interesting, worth the time.

Speculative efforts to corner the copper market leads to defaults on banks, excessive margin on stocks leads to people throwing money at the stock exchanges "to save them", for a while.

JP Morgan "saving the day" while also buying up competitors in real industry on the cheap and increasing the size of his monopolies....."OR ELSE" the financial system will burn, even against the base wishes of the president.   Even Roosevelt caved.


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Insightful and Useful Comment!