The Panic of 1819 and America's First Great Depression

Episode 13 of The Economic History Podcast with Fexingo dives into the Panic of 1819 — America's first major financial crisis. Lucas and Luna explore how a post-war boom, reckless land speculation, and a sudden contraction by the Second Bank of the United States triggered a depression that lasted six years. They discuss the parallels to modern boom-bust cycles, including the 2008 housing crash, and explain why this forgotten panic shaped American banking and politics for decades. Specific numbers: land prices fell 50-70 percent, the Bank's lending dropped from $50 million to $20 million, and unemployment in Philadelphia hit 20 percent. The episode connects the dots between then and now, questioning whether central banks ever learn to manage the cycle. #PanicOf1819 #FirstGreatDepression #EconomicHistory #SecondBankOfTheUS #LandSpeculation #BoomBustCycle #CentralBanking #FinancialCrisis #AmericanHistory #LendingContraction #HousingBubble #MonetaryPolicy #JamesMonroe #NicholasBiddle #LangdonCheves #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo