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Causes of Panic of 1907 1) San Francisco Earthquake 2) Bank of England Prohibition of US Bills 3) Hepburn Act of 1906 4) Farmer Borrowing 5) Activist President In general, a lack of liquidity and buying on credit combined to result in a situation primed for trouble.
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What was the catalyst to cause the panic? (1) Heinze was rich from investing in copper mines and had moved to New York where he joined forces with Charles Morse. (2) He had a network of chained banks with Charles Morse (3) He had a holding company for his copper properties (United Copper) (4) His brothers had a brokerage called Otto C Heinze & Co
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The Panic of 1907 was also blamed on the fact that there was _______ to _______ in times of _______. no easy mechanism; provide liquidity (money); financial crisis. In 1908 Congress passed the _______ which created emergency 'liquidity' and also established the National Monetary Commission to investigate how to improve the US banking industry.
Study with Quizlet and memorize flashcards containing terms like Define a financial panic, How were prior asset bubbles different from different from the Panic of 1907?, Define liquidity and more. Try Magic Notes and save time.
