jan 9, 1837 - Panic of 1837
Description:
Andrew Jackson vetoed the bank charter. He didn't feel the Second Bank of the US was all that necessary. So, he moved federal money to state banks resulting in inflation. With the massive inflation caused, deflation wasn't far behind. This all led to thousands of people losing their jobs and property. It wasn't until 1843 that the economy began to recover from the economic fallout. The panic of 1837 caused the people to lose trust in the democrats leading to Harrison's election from the Whig party in 1840.
http://www.americaslibrary.gov/aa/buren/aa_buren_panic_2.html
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Taylor and Zach
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