The Panic of 1907: Lessons Learned from the Market's Perfect Storm

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John Wiley & Sons, Oct 14, 2008 - Business & Economics - 288 pages
5 Reviews
"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
—Dwight B. Crane, Baker Foundation Professor, Harvard Business School

"Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs."
—Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past."
—John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds."
—Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business

 

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LibraryThing Review

User Review  - stringsn88keys - LibraryThing

I often hear comparisons of the recession/panic of 2008 with the Great Depression redirected to a comparison with the Panic of 1907.In terms of character, duration, and impetus, I would have to agree ... Read full review

Panic of 1907

User Review  - jaylac - Overstock.com

Ordering and receiving the book were no problem. Overstock did a good job on that. I also really love the book it was a lot of what I wanted and needed and will be very useful. Read full review

Contents

Introduction
1
Wall Street Oligarchs
7
A Shock to the System
13
The Silent Crash
19
Credit Anorexia
29
Copper King
37
The Corner and the Squeeze
43
Falling Dominoes
51
A City in Trouble
105
A Delirium ofExcitement
115
Modern Medici
121
Instant and FarReaching Relief
127
Turning the Corner
135
Ripple Effects
141
Lessons Financial Crises as a Perfect Storm
151
The Subprime Crisis Commencing in 2007
173

Clearing House
57
Knickerbocker
65
contents Chapter 10 A Vote of No Confidence
71
A Classic Run
77
Such Assistance as May Be Necessary
83
Trust Company of America
89
Crisis on the Exchange
97
Key Figures after the Panic
189
Definitions
199
References
205
Notes
217
About the Authors
253
Index
255
Copyright

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About the author (2008)

ROBERT F. BRUNER is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and Deals from Hell. Bruner has served as a consultant to over twenty corporations and the U.S. government and, prior to his academic career, worked as a commercial banker and venture capitalist. He holds a BA from Yale University, and an MBA and DBA from Harvard University.

SEAN D. CARR is the Director of Corporate Innovation Programs at the Darden School's Batten Institute, University of Virginia. Previously, Carr spent a decade as a journalist, having served as a producer for both CNN and ABC News's World News Tonight with Peter Jennings.

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