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From Kirsten Bischoff, Opalesque New York: “A Republican moralist was in the White House. War was fresh in mind. Immigration was fueling dramatic changes in society. New technologies were changing people’s everyday lives. Business consolidators and their Wall Street advisers were creating large, new combinations through mergers and acquisitions, while the government was investigating and prosecuting prominent executives – led by an aggressive prosecutor from New York. The public’s attitude toward business leaders, fueled by a muckraking press, was largely negative. The government itself was becoming increasingly interventionist in society, and, in some ways, more intrusive in individual life. Much of this was stimulated by a postwar economic expansion that, with brief interruptions, had lasted about 50 years.”
While the above excerpt could be describing the unfolding events in the United States up to the 2007-2008 credit crisis, it is in fact from Robert F. Bruner and Sean D. Carr’s book “The Panic of 1907”, describing the atmosphere which contributed to the perfect financial storm at that time.
In fact, at times when reading this history the uncanny similarities lend the current credit crisis an air of unfolding like a “Hollywood rewrite”, recasting hedge funds in place of trust companies and using astronomically larger dollar values and a bigger, global scale for added edge-of-your-seat entertainment ...................... To view our full article Click here
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