“Great cataclysm 150 years ago. As the United States first experienced investment panic and then depression. And all through business branches and corruption on March 16, 08:26 NV Premium Share: drawing Howard Pyla, which shows a reaction to the financial crisis and hype on the New York Stock Exchange on September 18, 1873 (Photo: Delaware Art Museum) Corruption in the Senate”, – WRITE ON: ua.news
Drawing Howard Pile, which shows a reaction to the financial crisis and hype on the New York Stock Exchange on September 18, 1873 (photo: Delaware Art Museum)
The railway construction and corruption in the Senate led to the bankruptcy of the Grand American Bank Jay Cooke & Company – what it led to.
In 1873, the largest American bank, Jay Cook, closed its doors when his investment in the railway fell sharply. This has led to a real panic: because if the most famous financier and entrepreneur Jay Cook got into trouble, then no one can be safe.
The US economy has shaken and depression has begun in the country. And all because investing in the railway, the US government knew all the risks of this campaign in advance – transportation would be unprofitable. Not only the United States, but also Europe, was injured from this first international financial crisis.