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Patrick Boyle On Finance
The Panic of 1907 - How JP Morgan Saved the US Economy.
Aug 25, 2023
Explore the causes and consequences of the Panic of 1907 - a financial crisis triggered by an earthquake and a failed short squeeze. Learn about J.P Morgan's intervention to save the US economy. Discover the chaotic events during the panic and the aftermath, including the call for a central bank. This podcast delves into the history and impact of the crisis, highlighting the need for financial regulation and providing recommendations for further reading.
43:31
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Quick takeaways
- The panic of 1907 was triggered by a combination of unrelated events, including an earthquake in San Francisco, attempted short squeeze, difficult political environment, and inconsistent banking regulation.
- Jay Pierpont Morgan played a central role in the panic of 1907 by advocating for shareholder rights, consolidating industries, and stabilizing the markets through intervention and provision of liquidity.
Deep dives
Financial panics driven by irrational herd behavior and economic shocks
Financial panics and crashes can be driven by both irrational herd behavior and real economic shocks, according to financial historians. However, trying to find overly simplistic explanations for these events can result in an inaccurate understanding of the underlying causes.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode