16h 12min, may 10, 1837 y - Financial panic of 1837
The financial panic of 1837 was the first time in American history that the entire nation experience a full fledge economic crisis. This came on the back end of President Jackson’s economic policy and the way people were spending based off of credit, but also that the foreign investment from Britain was fueling much of America’s prosperity. So, when the banks raised the interest rates and stopped lending as much money everyone was hit hard. This made people realized that there needed to be a second National Bank to create a better fiscal policy for America and a social safety net to not allow this to happen again.
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