BackStory - Panic! A History of Financial Crisis
From: BackStory with the American History Guys
Length: 00:54:23
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Related Pieces
Piece Description
Speculation….deregulation…crash …bailout. Sound familiar? Probably. Sound modern? It shouldn’t. Everyone knows about the Great Depression, but the crises of 1819, 1837, 1857, 1893 and 1907 were all surprisingly similar. Each time, ordinary Americans got used to the good times, overextended themselves, and were left holding the bag when the bottom fell out of the market and the banks called in their debts. And yet, every generation brings a newfound confidence that we’ve finally beaten the business cycle.
On this week’s show, the History Guys explore the long history of financial collapse. They find that while the causes of financial panics tend to be strikingly similar, the crises have generated very different responses, and spawned many of the major social, religious, and political movements of the past 200 years. So, what does history have to teach us about our current financial crisis? In a market-driven system, are there any other paths we could take? Or are we bound to repeat the mistakes of the past? ·
Economic historian Michael Bernstein discusses the "business cycle," and suggests that you can’t have the boom without the bust.
·
Historian Scott Nelson outlines the eerie similarities between 1873 and 2008, and explains how Christian fundamentalism is rooted in financial collapse.
·
Calls from BackStory listeners about the history of financial panics.
Highlights include:
Broadcast History
Aired on three Virginia public radio stations December 13-17, 2008.
Timing and Cues
00:00 - 00:59 BILLBOARD
IC: From VFH Radio in Charlottesville, Virginia, this is Backstory.
OC: First, this news.
01:00 - 05:59 NEWS HOLE
06:00 - 18:59 SEG A
IC: This is Backstory, with us, the American History Guys.
OC: We’ll be back in a minute.
6:00 - 10:28 Where Have I Heard This Before
The History Guys recount the history of financial panics in the U.S.
10:29 - 18:59 No Boom Without the Bust
20th Century Guy Brian Balogh interviews economic historian and Great Depression expert Michael Bernstein about the business cycle.
19:00 - 19:59 STATION BREAK 1 (MUSIC BED)
20:00 - 38:59 SEG B
IC: This is Backstory. I’m Peter Onuf.
OC: ….More BackStory coming up in a minute.
20:00 - 28:33 Listener Calls, Federal Reserve
BackStory listeners phone in with their questions about the history of financial collapse. Brian Balogh explains how the Panic of 1907 resulted in the creation of the Federal Reserve
28:34 - 38:59 Populism, Panic of 1873
19th Century Guy Ed Ayers suggests that the biggest third-party revolt in U.S. history was a result of financial collapse. Historian Scott Nelson tells Ed why Christian fundamentalism was also a product of the Panic of 1873.
39:00 - 39:59 STATION BREAK 2 (MUSIC BED)
40:00 - 59:00 SEG C
IC: This is Backstory. I’m Peter Onuf.
OC: …at the Virginia Foundation for the Humanities
40:00 - 49:32 Listener Calls
56:59 - 58:59 PRODUCTION/FUNDING CREDITS
*****************************************************
Contact: Producer, Tony Field (434) 924-8922, tfield@virginia.edu
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Moth Radio Hour 302 (00:54:01)
