The Speculation Economy

SEVEN PANIC AND PROGRESS

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The Panic of 1907 was a watershed event for currency regulation, banking regulation and securities regulation. It was the first serious economic panic to occur after the creation of the giant modern corporation had brought significant numbers of ordinary Americans into the stock market and demonstrated the impact that the new market could have on American business and the overall economy. It led Roosevelt, who was blamed by conservatives for causing the panic by attempted overregulation, to make a final unsuccessful ...