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Publisher's Summary

Why do markets crash and bank panics happen? Conventional wisdom has gathered, like iron filings, at two intellectual poles: at one extreme is a hodge-podge of idiosyncratic, period-specific causes and at the other is a host of all-encompassing "single bullet" theories. In The Panic of 1907, authors Robert Bruner and Sean Carr offer an alternate perspective through a detailed narrative of one of the worst crises in modern financial history - one which ultimately transformed the American financial system and resulted in the establishment of the modern Federal Reserve. Drawing from rare source materials, Bruner and Carr take you day by day through the crisis in 1907, revealing what happened, why it matters, and what we can learn from it. Beginning with a catastrophic earthquake in San Francisco and culminating in the shocking suicide of the deposed president of one of New York's leading financial institutions, this book will draw you into the central issues surrounding the panic of 1907.With The Panic of 1907 as your guide, you'll be prepared to assess, understand, and anticipate the factors that can lead to a crisis
©2009 Robert F. Bruner and Sean D. Carr; (P)2009 Audible, Inc.
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Customer Reviews

Most Helpful

By Donald on 03-24-11

Before the Great Recession

What I like best about the book is the story of the panic itself. I have not read another book that provides as much detail about the Panic of 1907 as this book. This book takes the news stories of that day and weaves them together. Each chapter builds on the last. And at the end, the authors take a chapter to present what they consider to be ideas common to later recessions. Think Great Recession of 2008.
If you want to know more about the stock market in the past and haven’t read “Reminisces of a Stock Operator,” then you should listen to that book first. That book also covers the San Francisco earthquake but also provides a story on how a trader traded the event. Think Japan on 3/11/11.
The last chapter takes a narrow view of economics. A wider variety of viewpoints are available in The Making of Modern Economics.

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4 of 4 people found this review helpful


By Fabio on 07-09-12

Outstanding!

What made the experience of listening to The Panic of 1907 the most enjoyable?

It's amazing how history repeats itself... And we apparently don't learn anything from our mistakes. The excesses and lack of regulation that triggered the 1907 banking panic (and the ones that preceeded it), continues until the present day. Listening to this book, I got the impression that I could simply replace "1907" with "2008" and the story would still make sense.

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2 of 2 people found this review helpful

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