USA HISTORY

Detailed explanation-1: -Van Buren was elected president in 1836, but he saw financial problems beginning even before he entered the White House. He inherited Andrew Jackson’s financial policies, which contributed to what came to be known as the Panic of 1837.

Detailed explanation-2: -In a message to lawmakers, Van Buren said “over-banking and over-trading” had caused the depression. He proposed several steps to protect the government. One of them was for Congress to pass a law permitting the government to keep its own money in the Treasury.

Detailed explanation-3: -It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans. Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.

Detailed explanation-4: -The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded.

Detailed explanation-5: -In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837. The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.