During the second installment of our special "Mother of All Bubbles" webcast series, historian, author and Dean of The University of Virginia Darden School of Business Bob Bruner is joined by Hedgeye Financials analyst Josh Steiner and Director of Capital Allocation David Salem.
Bruner, Steiner and Salem will discuss Bruner's acclaimed 2007 book, The Panic of 1907: Lessons Learned from the Market's Perfect Storm and discuss what other bank crises can tell us about what comes next.
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There are striking similarities between the current banking crisis and "The Panic of 1907." Back then, famed financier J.P. Morgan pledged large sums of his own money alongside a consortium of other bankers and wealthy individuals (like John D. Rockefeller).
In 2023, JPMorgan (the bank) just provided a $30 billion lifeline, alongside Citi, Bank of America and Wells Fargo, to help ailing bank First Republic. Today's crisis has been, at least temporarily, averted. The ripple effects caused by the wave of deposit outflows ailing banks remains to be seen.
Watch part 1 of our "Mother of All Bubbles" webcast here.