Flaptekst

In the newly revised Second Edition of The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, a team of renowned researchers delivers an expertly crafted compilation of historical fact and compelling narrative surrounding the 1907 financial crisis in the United States. In the book, authors Robert F. Bruner and Sean D. Carr describe a series of events that will be of interest to banking theorists, financial historians, and students of business and economics. Through the lens of the 1907 crisis, you'll explore how and why a financial panic unfolds and how to apply its lessons to the present day. The authors explain why the presence of a strong monetary system and modern risk mitigation tools do not render contemporary institutions immune to new crises. They also discuss the contributions made by the Federal Reserve System created in 1913 in response to the Panic of 1907. Taking you through the entire story of the 1907 crash, beginning with the dramatic downfall and suicide of Charles T. Barney--deposed President of the Knickerbocker Trust Company--and ending with the establishment of the Federal Reserve System, The Panic of 1907 incorporates the latest research, scholarship, and popular commentary on the events of that year. A fascinating tale told with depth, nuance, and clarity, this book presents the full history and economics of the 1907 crash, conveying its causes, consequences, and drama unlike any other resource. It belongs in the libraries of investors, policymakers, Fed watchers, risk professionals, and anyone else with an interest in American financial history.