The Panic of 1907 (ePub)

"Before reading The Panic of 1907, the year 1907 seemed like
a long time ago and a different world. The authors, however, bring
this story alive in a fast-moving book, and the reader sees how
events of that time are very relevant for today's financial world.
In spite of all of our advances, including a stronger monetary
system and modern tools for managing risk, Bruner and Carr help us
understand that we are not immune to a future crisis."

--Dwight B. Crane, Baker Foundation Professor, Harvard
Business School

"Bruner and Carr provide a thorough, masterly, and highly
readable account of the 1907 crisis and its management by the great
private banker J. P. Morgan. Congress heeded the lessons of 1907,
launching the Federal Reserve System in 1913 to prevent banking
panics and foster financial stability. We still have financial
problems. But because of 1907 and Morgan, a century later we have a
respected central bank as well as greater confidence in our money
and our banks than our great-grandparents had in theirs."

--Richard Sylla, Henry Kaufman Professor of the History of
Financial Institutions and Markets, and Professor of Economics,
Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the
crisis and panic of 1907. Lessons learned and parallels to the
present have great relevance. Crises and panics are as much a part
of our future as our past."

--John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of
1907 so much remained to be written about it? Bruner and Carr break
significant new ground because they are willing to do the heavy
lifting of combing through massive archival material to identify
and weave together important facts. Their book will be of interest
not only to banking theorists and financial historians, but also to
business school and economics students, for its rare ability to
teach so clearly why and how a panic unfolds."

--Charles Calomiris, Henry Kaufman Professor of Financial
Institutions, Columbia University, Graduate School of Business