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1100
1100-1300
European banks gave loans to rulers for trading, exploration, etc. -
1600-1800
European and US intermediaries buy government debt and resell to investors for profit -
1820-1900
US Civil War and railroads are financed through bonds -
Market panic
An economic panic swept the nation -
Market panic
People weren't confident in the nation's currency system which kept the economic panic going -
Federal reserve act
The Federal Reserve Act was passed and the Federal Reserve System was established -
The Stock Market
People kept buying stuff and banks kept using people's money to invest into the stock market -
The Stock Market crash
Sooner or later the stock market crashed and people lost all their money and banks closed down -
New laws and Regulations
The Federal Securities Act and Glass-Steagall Act was passed, then the Federal Deposit Insurance Corporation was established -
The Subprime Crisis
There were a lot of federal bailouts and an overall lack of consumer confidence because of a financial crisis