Next time, click the stars (or press S) to bookmarkdifficult terms for review.
The panic of 1837 was a financial crisis in the U.S that started a major recession that lasted until the mid 1840s
The panic was due to speculative lending practices, a decline in the price of cotton, international specie flow and a collapsing land bubble
wages, profits and prices went down, while unemployment went up. Banks collapsed, businesses failed, jobs were lost
Bank of the United States