From Publishers Weekly
Though business professors Bruner and Carr approach their subject, the spectacular financial crisis that gave America the FDIC and the Federal Reserve, with grave pedantry, they devote the majority of the book to the more colorful events and personalities of the crisis, which even academic prose cannot dull. The chronicle follows one speculator's attempt to corner the copper market, which leads to panic, the failure of banks and trusts and the impending bankruptcy of New York City. In the midst of chaos, one man was able to halt the domino effect with calm, character and capital: J. Pierpont Morgan. The Panic, the authors note, hit America at a moment eerily similar to our own: coming off 50 years of postwar economic expansion with a Republican "moralist" in the White House, an increasingly interventionist government, the formation of enormous new corporate conglomerates and a muckraking news media fueling resentment. Further, in a didactic final chapter, "Financial Crises as a Perfect Storm," the authors list the seven forces that, once converged, trigger alarm in investors, among them "buoyant growth," "inadequate safety buffers," "adverse leadership" and "undue fear, greed, and other aberrations"; that many (if not all) of these conditions are already met by today's market gives this authoritative history a relevance and vitality that should make business types sit up and take notice.
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.,."a great academic study, which was meant to be a warning. Instead, it reads like a description of what has just happened."--"Financial Times" "A dull textbook it's not: Most chapters amount to six or seven pages of storytelling with cliffhangers... entertaining read..."--"Bloomberg News" .,."the definitive guide to the stock market panic of '07"--"The TImes" "an important read..."--thestreet.com "Bruner, dean of the University of Virginia's Darden School of Business, and Carr, director of the school's Batten Institute, tell the gripping tale of one of the worst financial panics in modern history, where greed and lack of liquidity (sound familiar, people?) dragged stocks down 37 percent."--U.S. News & World Report "When The Business Press Maven first cast his eye for business journalism onto business books, it was with the ultimate hope of familiarizing investors with historical insight, which is more common in books than what is demonstrated in newsrooms and trading floors--where yesterday's news and trades qualify as fixtures from a bygone era . . . . That is why I am going to grant "The Panic of 1907: Lessons Learned from the Market's Perfect Storm," a resounding "Help" label from The Business Press Maven, putting it in the probable running for Top 10 Business Press Maven Books of 2007. In case you still don't get it, this is very high praise."--Marek Fuchs, The Business Press Maven, TheStreet.com "This retelling of Morgan's bravura performance is a page-turning mix of high finance and high drama"--"Barron's" .,."the definitive guide to the stock market panic of '07" ("The Times," Thursday 13th September 2007) "Well worth reading" ("The Business,"Saturday 15th September 2007) "With this book as their guide, readers will take away important insights...developing a deeper understanding of financial markets" ("What Investment?," November 2007) "A very worthwhile book for advisors who, having just lived through a financial crisis of global implications, are casting about for a larger conceptual framework regarding such events."--"Financial Advisor" "Steering clear of the extremes, the authors dissect the 'perfect storm' that blew through the financial system in 1907 and identify seven elements that converge to cause financial crisis . . . Timely read."--The Hindu Business Line (October 19, 2007) "a useful book on market contagion" ("bloomberg.com," Wednesday 5th December 2007) "Anyone who needs convincing that financial history is constantly repeating itself should pursue this timely tome." ("Spear's Wealth & Management Survey," January 2008) "My column today quotes from one of the most insightful books I have ever read, "The Panic of 1907." When I read it last year, I thought it had lessons for today, but I did not realize just how quickly those lessons would become crucial."--Floyd Norris, New York Times "A very relevant read in today's subprime infested financial environment." ("Gulf Business," February 2008) "Bruner and Carr deliver more than just a good story." ("Risk," February 2008) "Robert Bruner and Sean Carr, both scholars from the Darden School of Business at the University of Virginia, have written a very important book titled The Panic of 1907: Lessons Learned from the Market's Perfect Storm. The value of Bruner and Carr's book is not only the detailed historical examination ofthe 1907 financial panic but the scholarly work they did in examining the financial panics that have occurred over the past one hundred years. It was by examining numerous panics that Bruner and Carr were able to develop an outline of how panics begin, spread, and how they are ultimately resolved." -Roger G. Hagstrom, Legg Mason Growth Trust, Investment Commentary and Quarterly Report to Shareholders (March 31, 2008)