Difference between revisions of "Panic of 1837"
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| − | The '''Panic of 1837''' was a financial crisis that struck the United States [[economy]] in May 1837, during the presidency of [[Martin van Buren]]. Several causes have been blamed for the crisis, but perhaps the most common is excessive land speculation, which followed reckless lending policies from state banks. State banks had more power when then-president [[Andrew Jackson]] did everything in his power to cripple the Second Bank of the United States, including switching money from this bank into state banks. <ref>http://www.americaslibrary.gov/cgi-bin/page.cgi/aa/presidents/buren/panic_2</ref> | + | The '''Panic of 1837''' was a financial crisis that struck the United States [[economy]] in May 1837, during the presidency of [[Martin van Buren]]. Several causes have been blamed for the crisis, but perhaps the most common is excessive land speculation, which followed reckless lending policies from state banks. State banks had more power when then-president [[Andrew Jackson]] did everything in his power to cripple the Second Bank of the United States, including switching money from this bank into state banks.<ref>http://www.americaslibrary.gov/cgi-bin/page.cgi/aa/presidents/buren/panic_2</ref> |
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==References== | ==References== | ||
{{Economic preparedness topics}} | {{Economic preparedness topics}} | ||
Latest revision as of 15:16, July 8, 2021
The Panic of 1837 was a financial crisis that struck the United States economy in May 1837, during the presidency of Martin van Buren. Several causes have been blamed for the crisis, but perhaps the most common is excessive land speculation, which followed reckless lending policies from state banks. State banks had more power when then-president Andrew Jackson did everything in his power to cripple the Second Bank of the United States, including switching money from this bank into state banks.[1]
