Thursday, August 7, 2008

The 1914 market

"One of the keys to defusing a crisis is to act quickly. If you hesitate it’s too late to put the genie back in the bottle." William Silber (no relation), professor of economics and finance at NYU, has some interesting thoughts on dealing with a financial crisis, citing the example of William McAdoo, the treasury secretary who shut down the stock exchange as World War I loomed.

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