Severe financial crisis caused by over-speculation, bank failures, and economic downturn in 1873.

The Panic of 1873 in the USA was a financial crisis triggered by the collapse of the banking firm Jay Cooke & Company. This led to a domino effect causing the New York Stock Exchange to close for 10 days and over 5,000 businesses to fail within two years. The crisis resulted in a severe economic depression, marked by high unemployment rates and a significant decrease in industrial production. The Panic of 1873 had long-lasting effects on the American economy, with recovery taking several years, and it highlighted the need for better financial regulation and oversight to prevent future crises. #USHistory #Panicof1873 #EconomicCrisis