The 1907 bank panic, which led to the creation of the Federal Reserve. Author: Soerfm. Published under the Creative Commons Attribution-Share Alike 3.0 Unported license (https://creativecommons.org/licenses/by-sa/3.0/deed.en). In recent years, the U.S. has suffered recurring banking crises almost like clockwork. Indeed, about every 10 years or so we seem to go through another financial panic, only to be followed by a spate of bad regulations passed to ensure “it won’t happen again.” But it always does. So how do we end this cycle?
U.S. banking disasters plagued the late 20th century and early 21st century. But of course they go back long before even that, to 1907 and 1929 , as two examples.
More recently, there was the 1980s and ’90s savings and loan crisi s, the 1998 collapse of Long-Term Capital Management and global crisis , the 2007 financial crisis (which also became a global bank crisis), and, now, the Silicon […]
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