Andrew Leonard: The panic of 1857Roundup: Talking About History
Commodity prices plummeted, factories shut their doors, railroads declared bankruptcy, hundreds of thousands of people lost their jobs, and land prices deflated. As the economy ground to a halt, immigration dropped in 1858 to its lowest level in more than a decade.
What caused it? A confluence of factors, including the Crimean War, a speculative Western land boom, the newish technology of telegraph wires (damn those newfangled gadgets!), an embezzlement scandal, and the accidental sinking of a ship carrying $2 million of California gold. I like this post because it reminds us to look for multiple causative factors when trying to explain any discrete event. Conspiracy theories that pin all the blame on one villain -- Goldman Sachs! Phil Gramm! The Community Reinvestment Act! -- tend to miss the gloriously messy complexity of truth.
comments powered by Disqus
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Humans Hard-Wired to Teach, Anthropologist Says
- Parents outraged after students shown ‘white guilt’ cartoon for Black History Month
- Maryland is once again considering retiring its state song
- One of the last remaining Nazis goes on trial in Germany
- Inside story finally told of the young US diplomat who cracked the case of the murder of 4 nuns in El Salvador in 1980
- Historian at the center of Sanders-Clinton debate
- James Loewen Says Additional Baltimore Confederate Statues Should be Removed
- NYT History Book Reviews: Who Got Noticed this Week?
- A historian’s advice to students thinking of getting a PhD in a tough economic climate
- German historian Heinz Richter cleared of charges