Friday, October 3, 2008

History doesn’t repeat – but it does rhyme

The Panic of 1837

The Panic of 1837 was a panic in the United States built on a speculative fever. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in specie (gold and silver coinage). The Panic was followed by a five-year depression, with the failure of banks and record high unemployment levels. [...] The American people with one consent gave themselves to an amazing extravagance of land speculation.

Posted by sneaker @ 10:31 AM (664 views)
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3 thoughts on “History doesn’t repeat – but it does rhyme

  • absolutely fascinating. thanks, sneaker.

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  • My pleasure

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  • Agreed – nice post, thanks. I hadn’t heard of this bubble before, and I’m usually pretty well-read on these matters.

    Fascinating how it’s always land that lies at the heart of these mega-bubbles. Also this puts a sock in the “if only we had a gold-backed currency” theories.

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