Crash of 1837 -- Crash of 1857 -- Crash of 1873Wikipedia: Panic of 1837 -- Panic of 1857 -- Panic of 1873
“The sudden absence of foreign capital devastated the US. All American banks had to suspend specie payments and between 1837 and 1839 over 1,500 banks failed.” “By the fall of 1837, nine-tenths of Eastern factories closed. The 1837-41 “Hard Time Depression” was extremely severe.” “…money invested in American canals, banks and real estate had become worthless.” “…the gravity of the slump in financial assets that followed the prosperity…excessive monetary expansion & euphoric purchases of American securities by foreign investors.” From Tomorrow’s Gold, Mark Faber, 2003.
© 2006 by Edward Ulysses Cate
Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics) (Paperback) by Charles P. Kindleberger Devil Take the Hindmost: A History of Financial Speculation (Paperback) by Edward Chancellor Extraordinary Popular Delusions and the Madness of Crowds (Paperback) by Martin Fridson