Episode 2 of 4
Bank Failures and Credit Shortage
- When
- 1884
- Where
- United States
New York banks called in loans, creating a credit shortage that turned a recession into a depression.
New York City national banks halted investments in the rest of the United States and called in outstanding loans. This action created a credit shortage that led to a significant economic decline, turning a recession into a depression. The failure of several banks set off the panic.
Sources
- Panic of 1884 Wikipedia, revision of 2026-06-14
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.