jan 1, 1819 - The Panic of 1819 begins to take shape.
Description:
A sharp decline in real estate values and a severe credit contraction (an inability to secure bank loans) inflates the currency and causes imports and prices to fall. In March, the price of cotton collapses in the English market. The conservative policies of the Second Bank of the United States, founded in 1816, accelerates the crisis, which ends around 1823.Added to timeline:
Date:
jan 1, 1819
Now
~ 206 years ago