The Panic of 1907: Lessons Learned from the Market's Perfect Storm

Written by Robert F. Bruner and Sean D. Carr

Narrated by Jay Snyder

The Panic of 1907 takes a historical look at what is considered the third worst market crash in history and defines how it relates to the financial markets in 2007, exactly 100 years later. In a detailed and well-written narrative, authors Bruner and Carr take the reader through the story of the crash, beginning with the dramatic story of Charles T. Barney's death (Barney was the deposed president of the Knickerbocker Trust Company, one of the first financial institutions to collapse, who killed himself) and ending with the establishment of the Federal Reserve System (due to calls for government reform). The final chapter details lessons to be learned from the crash, including what the authors call a "potent formula for disaster"; information asymmetry; absence of slack; cognitive biases; overreaching; shock occurs; and, an inadequacy of response.

• Language: English
• Publisher: Ascent Audio
• Release date: Jul 20, 2020
• ISBN: 9781663704696

Reviews for The Panic of 1907

[zen_923 · Rating: 5 out of 5 stars]

well written and informative. Provides interesting comparisons

[stringsn88keys · Rating: 3 out of 5 stars]

I often hear comparisons of the recession/panic of 2008 with the Great Depression redirected to a comparison with the Panic of 1907.In terms of character, duration, and impetus, I would have to agree that the characterization of 2008 as a panic similar to 1907 make sense.This book was released in August 31, 2007 and makes reference [in the Coda] to "oil rising to $100 per barrel" and uncertainty whether credit derivatives would dampen or amplify a panic.The conclusions in the book point to several ingredients in creating a perfect storm for a panic, but also admit to a Keynesian bias in presenting preventative measures and corrective action.The narrative is interesting if [necessarily] dry, and while the construction of the cause thesis is reasonable, the conclusions didn't seem to follow through.This book is available on Audible.