Panic

The biped is bragging about how he has been comparing the current economic problems to the Panic of 1873 and now the Motley Fool has an article on it. I don't care what he says, I never once heard him mention it! Here's a piece:

While many disagree about its root causes, the GDP numbers suggest that 1929 was at base an industrial depression that spilled into banking. But the Panic of 1873 was a bank depression that spilled everywhere else. It was much like our current difficulties, though its footprint on financial and commodity markets was very different, and in Europe, it lasted more than six years.

How did it start? In 1873 as today, we can lay the fault with bad mortgages. But the problem did not start in the United States: It began in Europe, where three empires -- France, Austria-Hungary, and Prussia -- sought to concentrate their city centers by founding new savings banks for workers and the middle class.