A historical overview of financial crises in the United States
One of the few constants since the United States declared its independence is the presence of frequent financial crises with similar causes. In the nineteenth century, these panics were frequent with eight occurring over the century. However, following the Second World War there was a period of relative calm, which may have led to complacency. The Savings and Loans and the current financial crises have shown that these events remain a very real threat to economic stability.
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Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly
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