TWT # 125

On May 5th, 1893, due to Silver purchases and Argentinian investments, the New York Stock exchange freaked itself out, leading to the “Panic of 1893” which saw the closing of 500 banks, 15,000 businesses, and unemployment rates as high as 45%, proving to me that no one has ever understood the stock market.

Growing up we learned a lot about the Great Crash of 1929 and even more about the ensuing Great Depression and it’s affects on American life. The way we were taught about this crash made it seem like a rare occurrence, something no one had ever expected, predicted, prepared for, or even thought could happen.

An image of the “Panic of 1893”, one of only several dozen Panics in our countries short history.

Our teachers conveniently forgot to mention that apparently our country is NEARLY ALWAYS IN RECESSION.

Seriously, check out this list of all the recessions / depression in US History (sit back and relax, this may take a while):

Panic of 1785

Copper Panic of 1789

Panic of 1796–97

1802–1804 recession

recession Depression of 1807

1812 recession

recession 1815–21 depression

depression 1822–1823 recession

recession 1825–1826 recession

recession 1828–1829 recession

recession 1833–34 recession

recession 1836–1838 recession

recession late 1839 –late 1843 recession

–late recession late 1846 recession

recession 1847–48 recession

recession 1853–54 recession

recession Panic of 1857

1860–61 recession

recession 1865–67 recession

recession 1869–70 recession

recession Panic of 1873 and the Long Depression (this one was long, but not so Great…)

and the Long Depression (this one was long, but not so Great…) 1882–85 recession

recession 1887–88 recession

recession 1890–91 recession

recession Panic of 1893 – THAT’S US!

– THAT’S US! Panic of 1896

1899–1900 recession

recession 1902–04 recession

recession Panic of 1907

Panic of 1910–1911

Recession of 1913–1914

Post-World War I recession

Depression of 1920–21

1923–24 recession

recession 1926–27 recession

recession 1929 Great Depression – This one’s got name recognition

Great Depression – This one’s got name recognition Recession of 1937–1938

Recession of 1945

Recession of 1949

Recession of 1953

Recession of 1958

Recession of 1960–61

Recession of 1969–70

1973–75 recession

recession 1980 recession

recession 1981–1982 recession

recession 1990–1991 “Early 1990s recession in the United States”

“Early 1990s recession in the United States” 2001 Early 2000s recession

Early 2000s recession Great Recession

So…it seems to me that our country has ALWAYS been in a financial near-crisis situation.

Which is why I don’t trust banks at all, and choose to store my money in rolls of penny’s hidden in the drywall of my house.

(p.s if you enjoy these Terrible takes on history, please subscribe to my newsletter for exclusive Terrible content!)

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