4,969
edits
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|Mississippi Company | |||
|1720 | |||
|French company had Royal grant for trading rights to French colonies in Americas | |||
* to cover French government debt over Louis XIV's wars, the government allowed the compan to issue paper money backed by national debt | |||
* speculation in shares of the company led to more paper money issued, which was then put back into company shares, which led to the second largest bubble in economic history ($6.5 trillion peak value in current dollars, behind only the Dutch East India Company bubble) | |||
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|Panic of 1857 | |Panic of 1857 | ||
|1857-1859 | |1857-1859 | ||
|National financial crisis sparked by British change in requirements for gold and silver reserves for paper money | |||
* the influx of gold from the California Gold Rush greatly expanded the money supply but was also inflationary and led to excessive speculation | |||
* in the US, a finanical panic followed the collapse of a major investment company (Ohio Life Insurance and Trust) | |||
* speculation in railroads had exploded, and many were fraudulent, and after the Ohio Life company failed, prices collapsed | |||
* grain prices also experienced a bubble in the mid 1850s, which led to farmland speculation, both of which also collapsed in the Panic | |||
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|Crédit Mobilier scandal | |||
|1864-1867 | |||
* | |A railoard company created by the Union Pacific Railroad to build the eastern portion of the transcontinental railroad inflated its costs by $44 million dollars and paid bribes to politicians for laws and regulatory ruilings in its favor | ||
* the scandal was broken by a newspaper during the 1874 presidential campaign and led to a political crisis for certain members of Congress and the Republican Party in general | |||
* which along with other | |||
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