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Library of Mistakes
EP 24: Investing in US Financial History (with Mark J Higgins)
Mar 22, 2024
Explore the interconnectedness of the stock market with economy, money, credit, and security devices. Delve into financial crises involving Alexander Hamilton and central banking in US history. Examine the impact of the transition to the gold standard and the crisis of 1893 on American farmers. Learn about the evolution of financial regulations and professional fund management in the 1930s. Discover the unexpected success and downfall of Joseph Kennedy in regulating Wall Street.
46:06
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Quick takeaways
- Hamilton's early central banking skills prevented a financial collapse in the first US financial crisis of 1792.
- President Andrew Jackson's financial mismanagement exacerbated the Panic of 1837, revealing flaws in policies and economic repercussions.
Deep dives
Financial History Analysis: Crisis Response in 1792
In 1792, during the first financial crisis in the US involving the equity market, Alexander Hamilton displayed advanced central banking skills by intervening to support markets. A character named William Duer attempted to corner stock and manipulate bond markets, risking a collapse. Hamilton's actions prevented a financial system collapse by halting the panic and applying early central banking principles. This historical event highlighted the importance of central banking responsibilities.
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