Current Banking Turmoil Compares to Panic of 1907
The hedge fund manager Michael Burry renowned for predicting the 2008 financial crisis, has drawn parallels between the current banking turmoil and the Panic of 1907. He noted that three weeks after J.P. Morgan made a stand, the panic was resolved and the markets bottomed. “A stand was made this past weekend,” the famous investor pointed out.
In October 1907, Knickerbocker Trust failed due to risky bets, sparking a panic. Two others soon failed, and it spread. When a run began on a healthy Trust, J.P. Morgan made a stand. 3 weeks later the panic resolved & markets bottomed. A stand was made this past weekend.
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