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panic of 1837

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MUSWISHIN | 15:25 Thu 01st Dec 2005 | History
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what was the panic of 1837?
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Avatar Image Octavius

The Panic of 1837 was an economic depression, one of the most severe financial crises in the history of the United States. The Panic was built on a speculative fever. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in specie (gold and silver coinage). The Panic was followed by a six-year depression, with the failure of banks and record unemployment levels.

15:48 Thu 01st Dec 2005
Avatar Image Whickerman
People everywhere ran out of Hair Mousse in 1837. It was fuppin' horrible.
20:26 Thu 01st Dec 2005

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