ROBERT F.BRUNER – THE PANIC OF 1907

Before reading. There was a panic of 1907. The year 1907 seemed like a long time ago. In a fast- moving book, the authors bring this story to life, and the reader sees how relevant the events of that time are today. Bruner and Carr help us understand that we are not immune to a future crisis despite our advances. Dwight B. Crane is a professor at the Harvard Business School.

The 1907 crisis and its management by the great private banker J. P. Morgan is given a thorough, masterly, and highly readable account byBruner and Carr. The Federal Reserve System was launched in 1913 to prevent banking panics and foster financial stability. There are still financial problems. Because of 1907 and Morgan, we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had. Richard Sylla is the Henry Kaufman Professor of the History of Financial Institutions and Markets at New York University.

The crisis and panic of 1907 was portrayed in a fascinating way. Lessons learned and parallels to the present are relevant. Our future is similar to our past in that there are crises and panics. John Strangfeld is the Vice Chairman of the company.

It was a hundred years after the Panic of 1907 that so much remained to be written. Bruner and Carr are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds. Charles Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia University.

The Panic of 1907 was written by Robert F.Bruner.

The Panic of 1907 was written by Robert F.Bruner.