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Were Any of the "Panics" in 19th Century as bad as 1930s or Today?
I understand the Federal Reserve was set up in 1913 to avoid the "panics" that hit the US periodically in the prior century.
What were those "panics" and were any of them as devastating or as long-lasting than what the US and the world experienced in the 1930s and at the present time?
- simplicitusLv 71 decade agoFavorite Answer
There were many more bank failures (as a percentage of the banking industry) in those panics
than there have been since the Federal Reserve System and the FDIC were set up.
And then there is the Long Depression, which lasted for 65 months as compared with 43 for the Great Depression:
The only saving grace was that more people were living on farms and therefore grew their own food rather than relying on the markets. But that was a minor consolation.
- gws35Lv 61 decade ago