Friday, October 3, 2008
History doesn’t repeat – but it does rhyme
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.