user1873

Earth

BG.SE

Age: 40

The economy is in fact over-expanded, particularly in railroad construction, and the weak link turns out to be the banking house of Jay Cooke and Company, which helped the U.S. Government finance the Civil War and also underwrote the construction of the Northern Pacific Railroad. Jay Cooke and Company, a large and respected banking house declares itself bankrupt, and announces its failure on September 18, 1873.. (The bank's collapse precipitates the "Panic of 1873" and the ensuing three yea depression during which more than 10,000 businesses fail.     The basic economic problems are overproduction, a declining market and deflation. Investors in Europe, where a depression is already underway, begin to call in American loans. The New York Stock Exchange closes its doors for 10 days; other businesses fail; and railroad construction is curtailed, with some railroads defaulting on their bonds. The unemployed begin to move about the country seeking jobs, and bread lines appear in the cities. The hard times drove numbers of laboring people and those in humble circumstances to the West and other portions of the country, to seek the rewards which the stagnation of business in the great commercial centre denied them.

Apr
26
awarded Nice Answer
Apr
23
comment Why do pro-life people oppose punishing women who have abortions?
Just adding a link to what Trump actually said, so shows up in related questions.
Apr
22
awarded Yearling
Apr
22
awarded Yearling
Apr
21
revised Why do some criticize Kasich's advice to a female college student?
Gave the actual quote, linked to video, and cleaned up leading language in the question.
Apr
18
awarded Good Question
Apr
17
comment Why do some criticize Kasich's advice to a female college student?
it is no more patronizing than saying, "teach men not to rape." As if men don't know it is wrong to rape. The standard answer here is that radical feminist consider teaching any woman precautionary measures to prevent her own rape is victim blaming, rather than prudent steps to lower your risk. The fact is that alcohol and drug consumption are highly correlated with rape and attempted rape in college campuses (don't have the studies on hand, but 7x-20x higher risk ratio of being raped.)
Apr
13
comment Does using different voting systems affect the influence of campaign spending on outcome?
Actually it isn't well known. Freakanomics puts the influence at about 1%. So, if you think our system is bad, and you want to measure the difference between 1% and some other system, it is going to be difficult.
Apr
12
reviewed Leave Open What is the need of caste based reservation given in India?
Apr
10
reviewed Close Is there an analysis of what levels of government makes different decisions?
Apr
10
reviewed Close Are there limits for participation in elections in the US?
Apr
10
answered Is there an official website to check if Saudi Arabia is member of the United Nations human rights council
Apr
9
comment Does a nominee of the US Republican party, to the US presidential elections, have to be a party member?
The answer is no then, you need not be a member of the GOP to run in the Republican Party Primary.
Apr
8
comment Does a nominee of the US Republican party, to the US presidential elections, have to be a party member?
I don't think the rules have been determined yet. They don't set those until after June I think.
Apr
8
reviewed Reject suggested edit on What is Trump's official line on Freedom of Speech?
Apr
8
reviewed No Action Needed Can the Panama Papers put a president into jail?
Apr
8
reviewed No Action Needed Is the $210 trillion fiscal gap measurement valid/true and is it possible to fix it?
Apr
8
reviewed Close Is China considered to be democratic
Apr
8
reviewed Close What were the long-term implications for the failure of the Soviet N1 rocket?
Apr
8
reviewed Close What is the basis for Putin describing the collapse of the Soviet Union as "the greatest geopolitical catastrophe" of the 20th century?
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