The Panic of 1907
Lecture no. 24 from the course: Crashes and Crises: Lessons from a History of Financial Disasters
Taught by Professor Connel Fullenkamp | 04 min | Categories: The Great Courses Plus Online Economics & Finance Courses
Until 1920, panics were a recurring feature of economic life in the United States. What caused them and how were they cured? Investigate the Panic of 1907 and the part played by legendary banker J. P. Morgan in stemming a threatened wave of bank failures. The gold standard was an obstacle to managing panics, and the Federal Reserve System, established in 1913, proved to be a powerful antidote.