Top 10 Worst Financial Crises

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Explore the top 10 worst financial crises in history and learn how safe money alternatives can protect your retirement. Read more on SafeMoney.com. Editor’s Note: This is Part 1 of a series on the worst financial crisies in U.S. economic history. Stay tuned for Part 2 coming up in a short time! When the economy is tooling along and we find ourselves facing only an occasional hiccup in our money matters that falls short of expectations, it’s easy to feel complacent about the future. Surely life tomorrow will be a lot like it was today. Except, as anyone who owned a home, a retirement account, or an investment account in 2008 knows all too painfully, our situations can change in a ‘heartbeat.’ And, in turn, they can affect our future outlooks. To make sure we are all diligent about protecting our financial futures so that we can achieve the retirement we envision, here are 10 valuable reminders. These historical lessons reinforce the importance of having a financial plan – so you can trudge on ahead or reset your course as needed . They aren’t necessarily typical of what might happen in our lifetimes, but they do show the value in being financially prepared. As you think about the future, consider working with an experienced financial professional , who acts in your best interest, and who can help you make any such determinations. That includes the whens and ifs of any changes that might be right for you. And keep an eye out for part 2 of our series, coming next week. 10. Knickerbocker Trust Panic “Oh, what a tangled web we weave.” In this case, “we” is Charles T. Barney, president of the Knickerbocker Trust Company, which was one of the largest banks in America in the early 1900s. In 1907, Barney colluded with two executives of other banks in an attempt to corner the copper market. Their plan failed when other market manipulators simultaneously dumped millions of dollars in copper onto the market to foil a hostile takeover of an unrelated organization. When Knickerbocker’s involvement in the copper manipulation scandal became public, the National Bank of Commerce announced that it would no longer process checks from Knickerbocker accounts. Worried depositors swarmed Knickerbocker in an effort to withdraw their assets, triggering the Panic of 1907. It then s