"Know your history, it'll help you recognize what's going on when you're doomed to repeat it.
In his daily note, Wall Street's unofficial historian Art Cashin reminds us of what tipped the world into the Panic of 1873 on this day 140 years ago.
On September 18th 1873 Jay Cooke and Company — a powerful brokerage and the first to communicate to its clients via telegraph — fell when it was unable to sell enough railroad bonds to meet other obligations.
The NYSE closed two days later.
And the exchange had to close, Cashin writes. As the market emerged from the confusion of losing Cooke and Co., it began to understand its dire situation. The panic spread..."
at http://www.businessinsider.com/art-cashin-anniversary-of-panic-of-1873-2013-9#ixzz2fStnTEgG
No comments:
Post a Comment