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.
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.
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.
This account was well-told and the last chapter has a very good summation of financial crash dynamics. But the story really came alive when I also listened to "100 Minds that Made the Market" (audible audiobook) which went over personal traits and lifestyles of several main participants.
This was a major crisis that not many know about these days. I appreciate the authors walking me through it but they do little but present facts and quotes from newspapers. Not a fun listen except for the bits on Augustus Hines, who came from poverty, built an empire then pulled the trigger on events that almost lead to the crash of the western financial system. Besides that the major characters, personalities and backgrounds weren't discussed except superficially. I listened to most of it at double speed and skipped the last hour, which was a lecture on economics.
No, because you know what you are getting into when you choose the title. It is about finance which can be confusing or at least boring and since I personally am not that educated in finance it was a little hard to follow sometimes. I don't believe the
Probably so on another subject. They seem to do a good job on researching their subject and presenting it in an interesting way.
No. I am unable to do anything about my financial status since I am retired but it did make me understand a little more about our present economic situation. It also showed that a panic or economic downturn of significance always follows a boom. Something to look for in the future. A good quote from the book is very illuminating and perfectly describes our present crisis in describing the big financial leaders and institutions in this country. They
Reasons for the formation of the Federal Reserve System
Anyone interested in American financial structure and why it is set up as it is, should read this.
Very interesting history of the Panic of 1907 with an examinations of the underlying theory for the causes for panics and thoughts on how they are still relevant.
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