The E-Sylum:  Volume 10, Number 50, December 9, 2007, Article 8

NEW BOOK: THE PANIC OF 1907

[In his Monday blog, Dave Harper mentioned a new book
that may be of interest to E-Sylum readers.  -Editor]

Dave writes: "I happened to read a book called, The Panic
of 1907: Lessons Learned from the Market's Perfect Storm.
It was written by Robert F. Bruner and Sean D. Carr. I
recommend it. I saw it in the airport and knew I had to
read it.

"One of the marks of good publishing is to have a book
on the rack that seems relevant to the headlines. For me,
this was it. I have been watching the holdings in my
retirement accounts drop dramatically, rise dramatically
and then repeat.

"It is a relatively brief book. It was not an economics
manual at least insofar as the history was concerned.
The economics got a little deeper in the lessons section
at the end.

"This book should be read by coin collectors and paper
money collectors because it sets the historical stage
for the Federal Reserve Act of 1913. A lot of collectors
wonder why the Federal Reserve was created. This will
tell you."

To read the complete article, see:
Full Story

[I would be particularly interested to know how much the
book discusses 1907 Clearing House Certificates, which were
a widely used currency substitute during the panic.  Below
are quotes from the publisher and others on Amazon.com,
which also has a video featuring the book's authors. -Editor]

"The chronicle follows one speculator's attempt to corner
the copper market, which leads to panic, the failure of banks
and trusts and the impending bankruptcy of New York City. In
the midst of chaos, one man was able to halt the domino effect
with calm, character and capital: J. Pierpont Morgan. The
Panic, the authors note, hit America at a moment eerily
similar to our own: coming off 50 years of postwar economic
expansion with a Republican "moralist" in the White House,
an increasingly interventionist government, the formation
of enormous new corporate conglomerates and a muckraking
news media fueling resentment."

"A dull textbook it's not: Most chapters amount to six or
seven pages of storytelling with cliffhangers. entertaining
read..."--Bloomberg News

".the definitive guide to the stock market panic of '07"
--The Times

  Wayne Homren, Editor

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