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

Robert F. Bruner and Sean D. Carr

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Summary

Robert Bruner and Sean Carr examine the 1907 financial crisis as the result of several forces converging: rapid growth, linked institutions, thin financial cushions, shocks and changes in confidence. Their account places J. Pierpont Morgan within the network of financiers who responded to the crisis. It combines the history of the panic with an argument about how trouble spreads through a financial system.

  • SourceBruner and Carr: The Panic of 1907, authorized excerpt · November 19, 2007; publisher-authorized INTRODUCTION and Chapter 1: Wall Street Oligarchs
  • SourceRobert F. Bruner: Lessons from the Financial Crisis of 1907 · December 17, 2007; abstract and note identifying adaptation from the 2007 book

Why read it Our view

Read this for a way to examine financial risk that involves several causes working together. For a founder, useful questions concern cash cushions, dependence on other firms and how to coordinate a response when confidence falls.

Written about

  • J.P. MorganHistorical subject
    Morgan is a major figure in the authors’ account of the financiers involved in the 1907 crisis.
    Source