Get one month of complete digital access to the Financial Times for $1 by clicking here: The Panic of 1907 was a six-week stretch of bank runs in October and early November of 1907, where the stock market crashed, New York City ran out of money and numerous banks and brokerage firms went bankrupt. The event was triggered by an earthquake a year earlier in San Francisco and a failed short squeeze in United Copper stock by Fritz Augustus Heinze and Charles W Morse.
J. Pierpont Morgan famously took action to bring the business community together to save the US economy from collapse. The panic of 1907 was the crisis led to the creation of the Federal Reserve System.
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Timestamps
00:00 Panics & Crashes
02:20 The American Economy is Booming
04:33 An Earthquake in San Francisco
05:26 Global effects
06:25 The Calm Before the Storm
07:14 An Anti-Business President
08:31 A Weak Harvest
12:32 Fritz Augustus Heinze
15:10 The Failed Short Squeeze
17:56 Fallout From the Short Squeeze
19: 13 The US Banking System in 1907
20:12 Banking Reserves
22:01 The Bank Run Begins
23:43 The Knickerbocker Trust
25:47 JP Morgan
26:28 Trust Company of America
29:21 Panic on The Exchange
33:31 A Bankrupt City
35:37 US Steel
38:52 The Deal
40:28 The Aftermath
43:14 Book Recommendations
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