U.S. Economy

Those Victorians Really Knew How to Bounce Back

Compared to the Great Depression, the U.S. recovery since 2007 has been decent. But compare it to the Panic of 1893.

William Jennings Bryan had a point.

Source: Hulton Archive/Getty Image

The financial crisis of 2008 was the worst in three-quarters of a century, but thanks to timely interventions from Washington, the U.S. avoided an economic crisis on the scale of the Great Depression. That's the standard line, and I think it's mostly right (although the story's different in Europe).

But what about the Panic of 1893? How has the U.S. economy done this time around compared with the other of what Credit Suisse Asset Management economist Jonathan Wilmot calls "the three great crises of capitalism"?

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