The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis - was a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies.
Can we learn about future financial crises from those of the past? Our researchers consider economic models to compare the recession of 2008 to the panics of 1873 and 1884, the Barings Crisis of 1890, the subsequent panics of 1893 and 1896, the panic of 1907, and the real estate crash of 1921.
Spanning more than 200 feet along Superior Avenue and East 6th Street, the thirteen-story Federal Reserve Bank of Cleveland (Walker & Weeks, 1923) sits comfortably among neighboring Group Plan structures in the city's Civic Center district. The building is a reminder of an era of unprecedented urban growth in Cleveland, and of the federal government's fledgling control over a central banking system. Following the Wall Street Panic of 1907.