"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
|
|