Sep 18, 2008

The panic of 1873

(Wikipedia) - The Panic of 1873 was a severe nationwide economic depression in the United States that lasted until 1877. It was precipitated by the bankruptcy of the Philadelphia banking firm Jay Cooke and Company on September 18, 1873 along with the meltdown on May 9, 1873 of the Vienna Stock Exchange in Austria (the so-called Gr√ľnderkrach or “founders' crash”). It was one of a series of economic crises in the 19th and early 20th centuries. Continued