Tuesday, February 24, 2009

Financial Quote of the day

"...outwardly and according to its balance sheer, the [Knickerbocker] Trust Company was flourishing..."

Herbert Satterlee

From the Panic of 1907: Lessons Learned from the Market's Perfect Storm by Robert F. Bruner (yes from Darden) and Sean Carr (also from Virginia)

Interestingly, this was the "panic" that resulted in a Fed. From Wikipedia:

"The resulting Panic of 1907 exacerbated an ongoing decline in the stock market that saw the Dow Jones Industrial Average lose 48% of its value from January 1906 to November 1907. The banking crisis is also seen as the final straw that led Congress to form the Federal Reserve System in 1913"

1 comment:

Mike said...

Check out "Secrets of the Temple" by William Greider for history of the Fed. JP Morgan's death in March 1913 also spurred things along.