World History
What was the first major financial crisis in the U.S.?
Answered by
Discovery Channel
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Discovery Channel
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The war of 1812 had caused a great fall-off in imports to the U.S. and had, briefly, led to a boom in local manufacturing. However, with the war's end, international competition returned, and the new businesses couldn't hold their own. Coupled with government over-borrowing and a host of other financial factors like speculation, lack of a hard currency, bad lending practices and a lack of banking regulations, the situation that resulted was the financial meltdown of 1819. Banks called in their loans and bankruptcies became common. Property prices plummeted, as did prices of U.S.-made products, and unemployment reared its head. It took some years for the economy to right itself after this crisis.
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