r/WallstreetWhales • u/Bignblk • 7h ago

NEWS Trump just called for Congress to abolish the income tax.

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Thoughts???

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u/Wise-Shallot8683 6h ago

O great and wonderful historian!

  • Panic of 1884:
    • Cause: Speculative failures and the collapse of Grant & Ward and the Marine National Bank of New York.
    • Impact: Contained relatively quickly by liquidity interventions from the New York Clearing House. [1, 2]
  • Panic of 1890 (Baring Crisis):
    • Cause: Global liquidity tightness sparked by the near-collapse of the merchant banking house Baring Brothers in London due to overinvestment in Argentina.
    • Impact: A sharp credit crunch on Wall Street, mitigated by emergency action from the New York Clearing House and the U.S. Treasury. [1, 2]
  • Panic of 1893:
    • Cause: Depleted U.S. Treasury gold reserves, worries over the Sherman Silver Purchase Act, and the collapse of major railroads like the Reading and the Northern Pacific.
    • Impact: A severe nationwide depression, hundreds of bank and business closures, and widespread hoarding of gold coin over paper currency. [1, 2]
  • Panic of 1896:
    • Cause: Intensified political and economic anxiety over the free silver movement and the stability of the U.S. gold standard during the presidential election year.

Tarriffs were so far up the economic structure that it was the only reliable place to get money because The People were wrung out before anything "trickled down."

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u/FaekGnus 3h ago

Related history also included the Depression of 1882-1885 and the Recession of 1887-1888.