Finance & Fury Podcast

This week we continue with where we left off last week’s episode - is it the Banks, or Government Regulation and interference, that causes financial crashes. Let's take a look back on America and their financial crashes through history   1873 – 1907 – Financial panic was common 1983 a bank panic triggered worst depression US had seen – Stabilised after J.P. Morgan stepped in – P. Morgan – The monopoly man, founder of J.P. Morgan Bank Speculation that J.P. Morgan caused this through spreading rumours 1907 – Speculation on wall street ended in failure – bank panic History: speculation that went awry - "stock operators" borrowed huge sums of money to finance an effort to manipulate a stock price In October 1907 - Mercantile National Bank attempted to corner the market of a copper mining stock. The operation failed, and the stock, which reached a price of 60 during the attempted corner, almost immediately collapsed to 10. Mercantile National Bank, was feared by the public to be bankrupt. The bank was s