The Panic of 1907: Lessons Learned from the Market's Perfect Storm

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"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
—Dwight B. Crane, Baker Foundation Professor, Harvard Business School

"Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs."
—Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past."
—John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds."
—Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business

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Customer Reviews

Rating: - Parallels to Todays Crisis are Striking
This is an excellent history of the panic of 1907. The book gives the reader interesting insight into a banking world without a Federal Reserve, or active US Treasury pumping money into a slowing economy. It also clearly shows that in 1907, and today, the worlds financial system was built on confidence. Once that was lost, the troubles began.

The roles of Hank Paulson, Ben Bernanke, and Tim Geithner today was played flawlessly in 1907 by one individual, J.P. Morgan. Morgan engineered ... Read More
Rating: - This is what reserves are FOR!
The Panic of 1907 was a liquidity crisis unprecedented in US history. The US economy may well owe it's survival at that time to one man, J.P. Morgan, who orchestrated financial rescue efforts. He examined banks under fire, evaluated which were sound and which weren't and saved what could be saved by coordinating the supply of cash to weaker institutions from stronger ones in order to weather runs.

At one point a young manager refused to put more money into the pool for fear that this ... Read More
Rating: - Panic of 2009
While I was initially very skeptical about this book, it does provide some very interesting food for thought and eerie parallels between 1907 and 2009.If you are seriously interested in where we have been and where we could be heading, I would recommend that you read this book (and also encourage your friends to read this book).


Comments regarding the application of Complex System Theory and the experiences from 1907 appear to be highly pertinent and very timely:

1) ... Read More
Rating: - A nice story, but left me disappointed
No doubt the event provides the basis for an interesting story, but I thought that this book was low on insight.It's remarkable to read and see some of the similarities between 1907 and 2008, but the authors offer little insight regard causes, solutions, and lessons to be drawn.The final chapter makes an attempt, but was pretty weak, in my opinion.

Perhaps I was expecting too much.

While the story is quite good, there is certainly not even an attempt made at a balanced treatment ... Read More
Rating: - Precusor if "IT"
The value of this historical book is in its bringing together the various strands of thought on how financial crises happen, drawing on Kindleberger, Minsky, Calomiris, et al.Four of the seven ingredients are from the Minsky model, and the rest reflect more recent work and the authors' view that "political leadership" can make or break a crisis.The authors concluded, as of June 2007, that another Great Depression can "almost certainly" happen.Read it also for the high drama, including on the life of J. ... Read More