The High Tide of the Progressive Era Progressivism

The New York Stock Exchange does not recover its previous high until the fall of 1909 but Congress begins to move in to consider what happened and why did this crisis occur. absent a central bank the US has experienced the number of crises. I count 11 banking crises between 1820 and 1913 and Congress decides to to establish the Federal Reserve System in December of 1913 as my co-author Sean Kahn argues. We argue that this is a numero uno both in terms of its immediate impact as well as its long-term impact on the US.