Happy 111th Anniversary, Panic of 1907

Baley

On this day in history, 10/23/1907, JP Morgan persuades other trust company presidents to join him in providing liquidity to attempt to stave off rolling trust collapses and runs on banks caused by Otto Heinze and Knickerbocker's failed attempt to corner the stock of United Copper Co.

The NYSE fell 50% and the panic and recession spread throughout the US and most of the world, as depositors withdrew funds from regional banks.

Morgan's US Steel takeover of TC&I is credited with helping contain a subsequent contagion, ( Morgan had also helped
rescue the US Treasury during the panic of 1893) eventually lead to the creation of the Federal reserve system.

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MsMorrisine

I'm looking for another US Steel cavalry ride soon. The banking sector is flailing.

VanHalen

Good thing we have The Fed to keep things stabilized now.

Timbuk3

Interesting !!!

cohodk

And 50 years later folks were still talking about conspiracies and manipulation and the good old days. And the Space Bros had visited New Mexico.

derryb

Actually one of my conspiracy theory ancestors who lived in a cave claims their visits were much earlier.

ricko

Oh well, panics, sell offs, manipulation et al.... Stock up on food, water and ammunition (and a means to deliver it)....Time marches on... Cheers, RickO

jmski52

Yep, he decided "what we really need here is an effective cartel. Free market? We don't need no stinkin' free market."

Baley

The "Free" market is more subject and vulnerable to Manipulation than the one with some controls?

jmski52

The "Free" market is more subject and vulnerable to Manipulation than the one with some controls?

I wouldn't necessarily say that, but I can say that it's not good when the controllers and regulators have financial interests in the markets that they control and regulate. Do you not agree? Please don't tell me that you don't understand this.

TwoSides2aCoin

Why go back only 100 years ? Men are scaredy-cats. Got blinders ? Keep them on.

ShadyDave

@Baley said:
The "Free" market is more subject and vulnerable to Manipulation than the one with some controls?

Depends on who is doing the "controlling".

Baley

If one knows the lake has a wave machine, does one surf, or flounder about? Or sit on the shore and complain?

Baley

Or operate the concession? Or clean the latrine? Or fix the wave machine when it breaks down?

Baley

Or truck in the sand? Or truck out the trash, or sell the tickets?

Baley

@derryb said:
Actually one of my conspiracy theory ancestors who lived in a cave claims their visits were much earlier.

There is of course a very reasonable explanation for someone to make cave paintings like that 13000 or 5500 or 900 years ago.. and there is the explanation that They want you to believe, and for you to make fun of the Truth.

cohodk

There is another anniversary coming up this week.

renman95

Today is the 70th anniversary of communism. There was a celebration on the waterfront here in Guangzhou. Lots of chanting and singing...

...until the rain came.

President Xi Jinping
“Looking at the world at large, we're facing a period of major change never seen in a century… And China's sincerity and goodwill to safeguard world peace and promote common development will remain unchanged.”

Riiight?

Soldi

I forgot what I promised myself

cohodk

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

derryb

@cohodk said:

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

Somewhere between life and death does lie misery.

Soldi

@cohodk said:

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

,but I promised myself I'd stop posting

Soldi

,but more than once I did

cohodk

@derryb said:

@cohodk said:

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

Somewhere between life and death does lie misery.

And misery does love company.

Panic is an extreme emotion that opens oneself up to being taken advantage. Logical and rational thought is what is required. Folks panic in good and bad times and are invariably losers. Ones own thoughts should not be controlled by any entity, beit the Fed or a politician, or greedy robber barons. One should make his bed everyday.

derryb

@cohodk said:

@derryb said:

@cohodk said:

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

Somewhere between life and death does lie misery.

And misery does love company.

you can count on me. I will always be there for you.

cohodk

@derryb said:

@cohodk said:

@derryb said:

@cohodk said:

@Soldi said:
What's really cool about the start of this thread is have you ever tried to tell someone about this and 1874 and 1893 panics? That the 1929 Great Depression wasn't the only spec. bubble, Prior to >2007 < my opinion of the start.

Yet our parents and grandparents and great-grandparents all survived. The world did not end. Bullets and food and water and cigarettes were not prerequisites for survival.

Somewhere between life and death does lie misery.

And misery does love company.

you can count on me. I will always be there for you.

Youve got my confidence.