Panics Flashcards
1
Q
what occurred in 1907
A
Financial panic, banking couldn’t keep up with economic developments. 3rd largest NY trust (knickerbocker Trust) and NY stock exchange prices fell 50%
2
Q
Effect of Pierpoint Morgan
A
Pumped millions in to economy to restore business confidence. Forced Gov to accept responsibility to help secure banking- federal reserve Central Bank 1913
