Panic!

A History of Financial Crisis

12.19.08

Speculation…deregulation…crash…bailout. Sound familiar? Probably. Sound modern? It shouldn’t. Financial panics have occurred regularly throughout American history, and each time we were left holding the bag when the bottom fell out of the market and banks called in their debts. Why do we think we’ll ever beat the business cycle? On this week’s show, economic historian Michael Bernstein says you can’t have the boom without the bust. Then historian Scott Nelson outlines the eerie similarities between 1873 and 2008, and explains how Christian fundamentalism is rooted in financial collapse.

Great Depression; Great Recession; capitalism; deregulation; economy; financial crisis; financial crisis of 2007–2008

View Resources

Segments

Glorious Riches

Historian Scott Nelson outlines the eerie similarities between 1873 and 2008, and explains how Christian fundamentalism is rooted in financial collapse.

Panic of 1873; blame; conspiracy theories; debt default; financial crisis; fundamentalism

00:00:00 / 00:00:00

Boom & Bust

Economic historian Michael Bernstein explains the difference between the Great Depression and the myriad financial panics of the 19th century, as well as the amnesia that ignores the realities of the business cycle.

Great Depression; banking; capitalism; credit; economy; financial crisis

00:00:00 / 00:00:00

Related Links