Word: panic
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Dates: during 1930-1939
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Said Labor: ". . . If this is the best our captains of industry can do they are morally and intellectually bankrupt and it is time to look for guidance elsewhere. . . . This depression ... is a panic of plenty. There is too much of everything except buying power. There is so much wheat that people are hungry. So much cotton that folks are half naked. So much housing that in Chicago women are sleeping in parks. . . . Too much of the national income goes into the hands of a few. ... A handful of men with their spare cash could buy the output...
...discussing these things now, free of collapse and panic, you owe this solely to my colleagues and myself who took the action which we did last week...
...panic of 1907 showed his mettle. In those steep days the elder J. P. Morgan discovered two young bankers on whom he could rely: Henry Pomeroy Davison and Albert Henry Wiggin. Morgan's friend, old George Fisher Baker, agreed that they were mighty useful fellows. Davison, as the world knows, was received into the Morgan fold. Wiggin acquired a rarer distinction. True or false, legend in New York calls him the only man who ever refused a Morgan partnership...
Elsewhere in the city there was unrest and panic. Retail business was at a standstill. A few smaller firms did not open. Police were recalled from vacations and the 148th Infantry held ready. The Inverness Golf Club, scene or the recent National Open tournament, was closed by its board of directors, all help was dismissed except two greenskeepers. Ira Fulton, superintendent of Ohio Banks, called together more than 100 frightened country bankers who were hit by the trouble, tried to calm them. From neighboring States, 100 bank examiners set out to help straighten Toledo's muddle. Brokers widely discussed...
...Omaha small Union State Bank failed, started runs on the city's three largest banks. The Federal Reserve Bank at Kansas City rushed $3,000,000 by airplane and stopped the panic. But six small country banks found the excitement too much, failed to open...