Forget the Depression This is Exactly Like The Financial Panic of 1907, page 1

I was doing a little more research to find parallels between what is going on now and what has happened in the past. I think I have found a good one

en.wikipedia.org...

Now as we see from this the market created a double bottom and then went up from there. I think we will do the same now. I mean when you look at the panic of 1907 and what is going on now there are many similarities. So if I had to take a guess the dow will not go to 4k as some says. I feel 7k at the lowest. What say you?

reply to post by mybigunit

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Good morning:

From your link:

"Primary causes of the run include a retraction of market liquidity by a number of New York City banks, loss of confidence among depositors, and the absence of a statutory lender of last resort.

The crisis occurred after the failure of an attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust."

Even though though there was a bank run in 1907, the circumstances which caused it back then are very different to that of today.

Today's crises is the unwinding of a system that took on too much debt and the de-leveraging on such a grand scale will take years to complete.

Just M.O.

JK

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