Panics, Depressions, and (Monroe) cause(s): • overspeculation in the frontier (West) effect(s): • • depression • bankruptcies • failures • • soup kitchens • debtors’ prisons • financial paralysis • “wildcat” western forced to the wall, foreclosed mortgages on farms • West hit really hard

Panic of 1837 (Van Buren) cause(s): • rampant speculation • get-rich-quick schemes • • Specie Circular • crop failures • British bank failures (caused them to call in foreign loans from U.S.) effect(s): • hundreds of bank collapses • drop in commodity prices • decrease in sale of public land • unemployment • Van Buren responded with Divorce Bill (creation of independent treasury)

Panic of 1857 (Buchanan) cause(s): • California gold inflated currency • Crimean War overstimulated growing of grain • overspeculation in land and railroads effect(s): • failure of over 5k businesses • widespread unemployment • North hardest hit; South not really affected because of cotton (led to idea of “King Cotton”)

Panic of 1873 (Grant) cause(s) • more railroads, more mines, more factories, more grain fields than the market could handle • unpaid loans effect(s): • over 15k businesses bankrupt • unemployment • loss of savings in banks • caused clamor for inflationary policies • start of demand for silver coinage

Depression of 1893 () cause(s): • overbuilding • overspeculation of railroads • labor disorders • agricultural depression • Sherman Silver Purchase Act 1890 effect(s): • about 8k businesses collapsed in six months • soup kitchens • hobo gangs • lasted for four years • J.P. Morgan lent $55 mil to the government in gold

Roosevelt (TR) cause(s): • panic on effect(s): • run-on banks • suicides • criminal indictments on speculators • paved way for reforms (Aldrich-Vreeland Act)

Great Depression (Hoover and FDR) cause(s): • speculation • Black Tuesday (stock market crash) • business depression • overproduction of agricultural goods • not enough money going to wages and salaries to purchase goods • overexpansion of credit • European financial collapse from World War I effect(s): • Widespread unemployment • Hoovervilles • Wage cuts • over 5k banks collapsed • life savings of citizens gone • foreclosures • New Deal

Roosevelt (1937-1938) cause(s): • new Social Security taxes cut into government payrolls • cutback of spending by administration effect(s): • •

Early recession (Reagan’s presidency) cause(s): • federal budget deficit • trade deficit • falling oil prices • decreasing real estate prices effect(s): • severely affected savings and loan institutions and banks • leading stock market index dropped 508 points (“”)