The panic of '07: as a result of comparatively limited government involvement, the Panic of 1907 ran its course quickly. Could the same happen today if free-market processes were left alone?

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The panic of '07: as a result of comparatively limited government involvement, the Panic of 1907 ran its course quickly. Could the same happen today if free-market processes were left alone?

The ongoing financial crisis, with its welter of high-profile bank failures and fearsome swings in stock valuations, may seem to those of us perched on the leading edge of the 21st century like an unprecedented calamity, a contagion of turmoil that threatens to sweep the orderly, more or less civilized world of our lifetimes into a dark abyss of political, economic, and even social collapse. At long last, the direst predictions of decades past seem to be nearing fulfillment, and worldwide confidence in what we g...

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