The Panic of 1907

"Before reading The Panic of 1907, the year 1907 seemed likea long time ago and a different world. The authors, however, bringthis story alive in a fast-moving book, and the reader sees howevents of that time are very relevant for today's financial world.In spite of all of our advances, including a stronger monetarysystem and modern tools for managing risk, Bruner and Carr help usunderstand that we are not immune to a future crisis." --Dwight B. Crane, Baker Foundation Professor, HarvardBusiness School "Bruner and Carr provide a thorough, masterly, and highlyreadable account of the 1907 crisis and its management by the greatprivate banker J. P. Morgan. Congress heeded the lessons of 1907,launching the Federal Reserve System in 1913 to prevent bankingpanics and foster financial stability. We still have financialproblems. But because of 1907 and Morgan, a century later we have arespected central bank as well as greater confidence in our moneyand our banks than our great-grandparents had in theirs." --Richard Sylla, Henry Kaufman Professor of the History ofFinancial Institutions and Markets, and Professor of Economics,Stern School of Business, New York University "A fascinating portrayal of the events and personalities of thecrisis and panic of 1907. Lessons learned and parallels to thepresent have great relevance. Crises and panics are as much a partof our future as our past." --John Strangfeld, Vice Chairman, Prudential Financial "Who would have thought that a hundred years after the Panic of1907 so much remained to be written about it? Bruner and Carr breaksignificant new ground because they are willing to do the heavylifting of combing through massive archival material to identifyand weave together important facts. Their book will be of interestnot only to banking theorists and financial historians, but also tobusiness school and economics students, for its rare ability toteach so clearly why and how a panic unfolds." --Charles Calomiris, Henry Kaufman Professor of FinancialInstitutions, Columbia University, Graduate School of Business