Product Description

"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast–moving book, and the reader sees how events of that time are very relevant for today′s financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
—Dwight B. Crane, Baker Foundation Professor, Harvard Business School

"Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great–grandparents had in theirs."
—Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past."
—John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they 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, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business

Product Details

• Amazon Sales Rank: #66533 in Books
• Published on: 2009-04-29
• Original language: English
• Number of items: 1
• Binding: Paperback
• 328 pages

Review
"Last year, on the 100th anniversary of their book′s subject, Robert F. Bruner and Sean D. Carr published The Panic of 1907: Lessons Learned from the Market′s Perfect Storm (John Wiley & Sons). A year later, as we weather a far greater financial storm, the book′s lessons are more relevant than ever. From their analysis of one of the worst banking panics in U.S. history, when dozens of banks and trust companies failed, Bruner and Carr conclude that financial crises typically result from the convergence of certain elements into a ′perfect storm.′ The book is an engrossing read, featuring characters such as Augustus Heinze, the brash entrepreneur; Charles Barney, the tragic trust president; and, above all, J.P. Morgan, Wall Street′s indispensable man." (Edward Teach, CFO Magazine, December 1, 2008)

"The Panic of 1907 is a great tale, and I recommend it to any investor with an interest in history. I also recommend it to any investor who wants to understand what is happening right now." (Cliff Ransom, Ransom Research, Inc., October 31, 2008)

"There is a great book that came out last year, by Robert F. Bruner and Sean D. Carr, entitled The Panic of 1907. It details the fear that gripped the market during that time a century ago. Fear bred mistrust, and mistrust bred repeated runs on the bank. Only when J. Pierpont Morgan himself stepped in to assert authority in the crisis was confidence restored and the downward slide and expanding wave of panic halted. The events of that time are remarkably similar to what is occurring today." (Steven M. Davidoff, The Deal Professor, New York Times, September 18, 2008)

"...a great academic study, which was meant to be a warning. Instead, it reads like a description of what has just happened." (Financial Times)

"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)

"an important read..." (thestreet.com)

"Bruner, dean of the University of Virginia′s Darden School of Business, and Carr, director of the school′s Batten Institute, tell the gripping tale of one of the worst financial panics in modern history, where greed and lack of liquidity (sound familiar, people?) dragged stocks down 37 percent." (U.S. News & World Report)

"When The Business Press Maven first cast his eye for business journalism onto business books, it was with the ultimate hope of familiarizing investors with historical insight, which is more common in books than what is demonstrated in newsrooms and trading floors––where yesterday′s news and trades qualify as fixtures from a bygone era . . . . That is why I am going to grant The Panic of 1907: Lessons Learned from the Market’s Perfect Storm, a resounding "Help" label from The Business Press Maven, putting it in the probable running for Top 10 Business Press Maven Books of 2007. In case you still don′t get it, this is very high praise." (Marek Fuchs, The Business Press Maven, TheStreet.com)

"This retelling of Morgan′s bravura performance is a page–turning mix of high finance and high drama" (Barron′s)

"…the definitive guide to the stock market panic of ‘07” (The Times, Thursday 13th September 2007)

"Well worth reading" (The Business, Saturday 15th September 2007)

"With this book as their guide, readers will take away important insights...developing a deeper understanding of financial markets" (What Investment?, November 2007)

"A very worthwhile book for advisors who, having just lived through a financial crisis of global implications, are casting about for a larger conceptual framework regarding such events." (Financial Advisor)

"Steering clear of the extremes, the authors dissect the ‘perfect storm’ that blew through the financial system in 1907 and identify seven elements that converge to cause financial crisis . . . Timely read." (The Hindu Business Line, October 19, 2007)

"a useful book on market contagion" (bloomberg.com, Wednesday 5th December 2007)

"Anyone who needs convincing that financial history is constantly repeating itself should pursue this timely tome."  (Spear′s Wealth & Management Survey, January 2008)

"My column today quotes from one of the most insightful books I have ever read, “The Panic of 1907.” When I read it last year, I thought it had lessons for today, but I did not realize just how quickly those lessons would become crucial." (Floyd Norris, New York Times)

"A very relevant read in today′s subprime infested financial environment." (Gulf Business, February 2008)

"Bruner and Carr deliver more than just a good story." (Risk, February 2008)

"Robert Bruner and Sean Carr, both scholars from the Darden School of Business at the University of Virginia, have written a very important book titled The Panic of 1907: Lessons Learned from the Market’s Perfect Storm.
The value of Bruner and Carr’s book is not only the detailed historical examination of the 1907 financial panic but the scholarly work they did in examining the financial panics that have occurred over the past one hundred years. It was by examining numerous panics that Bruner and Carr were able to develop an outline of how panics begin, spread, and how they are ultimately resolved." (Roger G. Hagstrom, Legg Mason Growth Trust, Investment Commentary and Quarterly Report to Shareholders, March 31, 2008)

Bloomberg News, Friday 24th August 2007
"A dull textbook it's not: Most chapters amount to six or seven pages of storytelling with cliffhangers... entertaining read..."

The Times, Thursday 13th September 2007
"...the definitive guide to the stock market panic of `07"

Customer Reviews

A vivid history and critique of the 1907 financial crisis
If you compare the 1907 crisis that struck U.S. and European financial institutions with 2008's economic emergencies, you will discover striking similarities. (In fact, the uncanny parallels have made this fascinating book a bestseller.) Strong interconnectivity between financial firms meant that trouble at one migrated to others. Both crises involved serious credit and liquidity concerns. Both provoked populist attacks against Wall Street. In part, the trusts hit trouble in 1907 because of insufficient regulation. The 1907 crisis started on Wall Street, and quickly jumped to European institutions. In 2008, the trajectory was even more global. Of course, marked differences also separate these episodes. In 1907, fabled financier J.P. Morgan exercised remarkable leadership to end the crisis, and to reassure depositors and investors that their savings and equity holdings were secure. Morgan calmed the waters so the panic would not spread. "This is the place to stop this trouble," he said of the Trust Company of America. Robert F. Bruner and Sean D. Carr explain why the 1907 panic occurred and use it as a valuable case study for understanding other monetary crises. getAbstract is confident that history lovers, businesspeople, financial executives and anyone who enjoys a well-told, real-life drama will love this book.

Plus ca change
If history had been written in such a compelling way when I was a kid, I wouldn't have given it up at 13.

This is the tale of a financial panic in America, one of a long series. The book is split into the history itself followed by an analysis of causes. Although written in 2007 - before our contemporary crisis began to play out - the elements that caused the 1907 panic can be easily picked out in today's world.

The book's subtitle is "Lessons Learned from the Market's Perfect Storm". It's not intended as a question; but the answer, of course, is "none".

Great lessons from the past
Why in the world are we talking about 1907 when we are dealing with the current financial crisis? Because there are many similarities. I found this book very interesting especially after reading other books on the subject whose authors suggest to getting rid of the Federal Reserve and the FDIC. Both of these institutions were born because of the Panic of 1907, which was really a liquidity crisis, similar to what we saw in late 2008. In 1907, the person who saved the day was J.P. Morgan, and today, people such as Ben Bernanke and Tim Geithner are trying to do the same.

This book is perfect for readers who would like learn more about what is happening with our economy by looking at the past. I enjoyed reading this book very much.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market