Customer Reviews

A vivid history and critique of the 1907 financial crisis - By: Rolf Dobelli, 21 Oct 2008
If you compare the 1907 crisis that struck U.S. & European financial institutions with 2008's economic emergencies, you will discover striking similarities. (In fact, the uncanny parallels have made this fascinating book a bestseller.) Strong interconnectivity between financial firms meant that trouble at one migrated to others. Both crises involved serious credit & liquidity concerns. Both provoked populist attacks against Wall Street. In part, the trusts hit troublein 1907 because of insufficient regulation. The 1907 crisis started on Wall Street, & quickly jumped to European institutions. In 2008, the trajectory was even more global. Of course, marked differences also separate these episodes. In 1907, fabled financier J.P. Morgan exercised remarkable leadership to end the crisis, & to reassure depositors & investors that their savings & equity holdings were secure. Morgan calmed the waters so the panic would not spread. "This is the place to stop this trouble," he said of the Trust Company of America. Robert F. Bruner & Sean D. Carr explain why the 1907 panic occurred & use it as a valuable case study for understanding other monetary crises. getAbstract is confident that history lovers, businesspeople, financial executives & anyone who enjoys a well-told, real-life drama will love this book.