Posted 2 years ago on May 30, 2012, 9:08 a.m. EST by JackHall
This content is user submitted and not an official statement
“The USA is a free country, meaning we are free to succeed or to fail. Our founding fathers and our Constitution ensured these freedoms, not entitlements or handouts”
A little history is nice to know. Who are the real idiots here? How many times has the economy crashed? You’d expect people in the financial sector could learn from their mistakes instead of making the same ones over and over with increasing severity, or finding new ways to screw things up!. Each a worse debacle than the earlier one.
Panic of 1873
The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression. The panic was caused by the fall in demand for silver internationally, which followed Germany's decision to abandon the silver standard in the wake of the Franco-Prussian war.
In 1871, Otto von Bismarck extracted a large indemnity in gold from France and ceased minting silver thaler coins. The first symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, which spread to most of Europe and North America by 1873. It was one of a series of economic crises in the 19th and early 20th centuries. In Britain, the result was two decades of stagnation known as the "Long Depression", which weakened Britain's economic leadership in the world.
Panic of 1884
The Panic of 1884 was a panic during the Recession of 1882-85. Gold reserves of Europe were depleted and the New York City national banks, with tacit approval of the United States Treasury Department, halted investments in the rest of the United States and called in outstanding loans. A larger crisis was averted when New York Clearing House bailed out banks in risk of failure. Nevertheless, the investment firm Grant & Ward, Marine Bank of New York, and Penn Bank of Pittsburgh along with more than 10,000 small firms failed.
The Depression of 1882-85 or Recession of 1882-85 was a recession in the United States that lasted from March 1882 to May 1885,