USA HISTORY

Detailed explanation-1: -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-2: -Historians have traditionally attributed the Panic of 1837 to a real estate bubble and erratic American banking policy. Most speculation concerned western land opened to settlement after Indian removals, but northeastern forests were among the most overvalued holdings.

Detailed explanation-3: -The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid 2007 and early 2009.

Detailed explanation-4: -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-5: -The Panic of 1837 led to a general economic depression. American banks dropped by 40% as prices fell and economic activity slowed down. Opposed Andrew Jackson and the Democratic Party. Clay ran against Jackson for presidency.