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Date Posted: 19:53:52 01/23/03 Thu
Author: j
Subject: Ch22 - The Panic of 1097

I. The Panic of 1907
A. recession begins
i. american industrial production had outrun the capacity of either domestic or foreign markets to absorb the amount of product beign made (stock market speculation played a part as well)
B. J.P. Morgan
i. sets up a pool of the assets of important NY banks to prop up shaky finiancial institutions
a. the key was the purchase fo shares of the Tennessee Coal and Iron Company by US Steel (Morgan’s Company)
- this led to the end of the panic thanks to Morgan’s help
C. Roosevelt
i. many wanted him to stay 3 terms
a. in order to not be hypoctitcal, he stepped down after 2 terms at the age of 50

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