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<p>[QUOTE="GoldFinger1969, post: 3836489, member: 73489"]Their was no official BEA or NBER statistics at that time so we have to guestimate based on older data sources. But the economy appears to have slumped for about 15 months. It was a relatively short recession, more of a financial accident, and once JP Morgan (the man and the bank) re-liquified the NY Fed district, things bounced back.</p><p><br /></p><p>You didn't have much excesses built up at that time, because the Panic of 1893 was still less than 10 years in the rear-view mirror and the Russo-Japanese War had stalled trade and GDP/GNP growth 2 years earlier.</p><p><br /></p><p><b>The Panics of 1893 and 1873 were far deeper and longer-lasting. </b> But the fact that the 1907 Panic could have been prevented by a Federal Reserve-type central bank (doubtful the 1893 and 1873 Panics would have been; too steep declines in GDP growth).</p><p><br /></p><p>All of these panics were painful because they were INTERNALLY ADJUSTED by falling wages/prices because flexible monetary and exchange rate policies were not available.[/QUOTE]</p><p><br /></p>
[QUOTE="GoldFinger1969, post: 3836489, member: 73489"]Their was no official BEA or NBER statistics at that time so we have to guestimate based on older data sources. But the economy appears to have slumped for about 15 months. It was a relatively short recession, more of a financial accident, and once JP Morgan (the man and the bank) re-liquified the NY Fed district, things bounced back. You didn't have much excesses built up at that time, because the Panic of 1893 was still less than 10 years in the rear-view mirror and the Russo-Japanese War had stalled trade and GDP/GNP growth 2 years earlier. [B]The Panics of 1893 and 1873 were far deeper and longer-lasting. [/B] But the fact that the 1907 Panic could have been prevented by a Federal Reserve-type central bank (doubtful the 1893 and 1873 Panics would have been; too steep declines in GDP growth). All of these panics were painful because they were INTERNALLY ADJUSTED by falling wages/prices because flexible monetary and exchange rate policies were not available.[/QUOTE]
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