Thursday, October 9, 2008
10 American Financial Meltdowns in the Past Century
Banks failed, stock prices collapsed, and panic descended on Wall Street. Americans were holding their collective breath as a rescue plan was hastily drafted. The 2008 financial crisis? Nope - it was the Panic of 1907, and again in 1929, 1987, and so on.
Since its independence more than 230 years ago, the United States has grown to have the largest economy in the world (GDP of $13.8 trillion as of 2007, by the way. That's $13,800,000,000,000). But we didn't get there without quite a few bumps on the road.
To put today's economic trouble into perspective, let's take a look at the 10 financial disasters in the United States in the past century: