The Panic of 1907 caused nationwide bank failures, timber prices collapsed, mine operations ceased, railroads stopped running, a rash of bankruptcies occurred, and a dramatic loss of confidence and a nasty economic downturn sank in for the next year.comments
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Tag Archives: Panic of 1907
In early 1907 consumer goods prices were high and continuing to increase, a situation set in motion by too easy credit. Most glaringly, the money center banks of New York City owed their depositors more money than the whole country possessed, real money and ‘credit money’ combined. The system couldn’t sustain itself that way any [...]comments