Sabrina Gal
@Sabrinagal
10 March, 04:40
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In mid-October, for three weeks the American economy suffered as the New York Stock Exchange dropped 50% during the first week. At the time the U.S. populace was much smaller than it is today with only around 87 million citizens. The panic that ensued caused many runs on banks, savings and loan firms, and trust companies.
05:11 PM - Mar 10, 2021
In response Sabrina Gal to her Publication
Only people mentioned by TheMac in this post can reply
The Mac
@TheMac
10 March, 05:11
In response The Mac to his Publication
Depositors panicked because bankers were caught red-handed setting up ‘bucket shops’ with people’s deposits and only keeping a fraction of reserves on hand. This ultimately led to the fall of the Knickerbocker Trust and this is why some people call the panic of 1907 the ‘Knickerbocker Crisis.’
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The Mac
@TheMac
10 March, 05:11
In response The Mac to his Publication
Scholarly articles show that one man, JP Morgan, and his crew of New York bankers saved the day. Even though Morgan and his cronies were responsible for the side bets, he and his crew also stepped in to offer a solution...
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