Friday, August 17, 2007

Quotable Quotes: The Panic of 1907 and FUD

Once again, the Bernanke Fed chooses the right course of action and thereby helps take some of the pressure off the core of the banking system without compromising its commitment to the market discipline. It is therefore worth reflecting on an event that happened one hundred years ago – the Panic of 1907 – and a few quotes re FUD (fear, uncertainty, and doubt).

“The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis in the United States. The stock market fell nearly 50% from its peak in 1906, the economy was in recession, and there were numerous runs on banks and trust companies. Its primary cause was a retraction of loans by some banks that began in New York and soon spread across the nation, leading to the closings of banks and businesses.”

“To him who is in fear, everything rustles.”

“Knowledge is an unending adventure at the edge of uncertainty.”
Jacob Bronowski

Doubt is uncomfortable, certainty is ridiculous.”

Have a good weekend.

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