northern financiers

the panic of 1857

We've been in 5.

The Depression of 1807

The Panic of 1819

The Panic of 1857

The Great Drepression

The Greater Drepression (The one we're in now)

Democrat James Buchanan was the President in 1857; His predecessor, Franklin Pierce was also a Democrat. The party in office is the one that takes the blame for recessions.

a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was the world's first world-wide economic crisis