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Lessons Learned from the Market's Perfect Storm
Wiley
September 2007
On Sale: August 31, 2007
272 pages
ISBN: 047015263X
EAN: 9780470152638
Hardcover
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Historical | Non-Fiction
Why do markets crash and bank panics happen? Conventional
wisdom has gathered, like iron filings, at two intellectual
poles: at one extreme is a hodge-podge of idiosyncratic,
period-specific causes and at the other is a host of
all-encompassing "single bullet" theories. In The Panic of
1907, authors Robert Bruner and Sean Carr offer an alternate
perspective through a detailed narrative of one of the worst
crises in modern financial history—one which ultimately
transformed the American financial system and resulted in
the establishment of the modern Federal Reserve. Drawing from rare source materials, Bruner and Carr take you
day by day through the crisis in 1907, revealing what
happened, why it matters, and what we can learn from it.
Beginning with a catastrophic earthquake in San Francisco
and culminating in the shocking suicide of the deposed
president of one of New York's leading financial
institutions, this book will draw you into the central
issues surrounding the panic of 1907. Throughout this
journey, you'll not only become familiar with the events of
the crisis, but you'll also discover how larger-than-life
figures, such as the inestimable J. Pierpont Morgan, took it
upon themselves to provide leadership—and inspire
confidence—at a time of great uncertainty and instability. Filled with in-depth insights, The Panic of 1907 offers a
deeper understanding of what influences financial
markets—both then and now. Through this engaging case study
of the panic and crash, Bruner and Carr provide a useful
framework for understanding these events, suggesting that
major financial crises can be the result of a convergence of
certain, unique forces—the forces of the market's "perfect
storm"—that can cause investors to react with alarm. When the many elements of the next financial storm converge,
will you be ready? With The Panic of 1907 as your guide,
you'll be prepared to assess, understand, and anticipate the
factors that can lead to a crisis.
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