The Panic of 1907: How It Shaped the Federal Reserve

Описание: Explore the dramatic events of the Panic of 1907 and its profound impact on the American banking system. Discover how F. Augustus Heinze's failed attempt to corner the market in United Copper Company stock led to a financial domino effect, causing the collapse of Knickerbocker Trust Company and widespread bank runs. This crisis exposed the fragility of the financial system, highlighted the urgent need for regulation, and ultimately paved the way for the creation of the Federal Reserve System in 1913. Learn about the opposition to a central bank and the critical lessons from this historical financial upheaval that remain relevant today.

OUTLINE:

00:00 The Panic of 1907
01:03 The Knickerbocker Trust Crisis
01:50 A Nation Gripped by Panic
02:35 Calls for Reform and Resistance
03:28 The Birth of the Federal Reserve System
04:22 Lessons from the Panic of 1907

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