assets, it is referred to as insolvent. In 1907, there was widespread fear that banks were insolvent, leading to massive, simultaneous withdrawals, eventually causing New York banks to run out of money (Moen). Getting one's money literally became a first-come first-serve situation.
             The effects of the New York banking panic were widespread. Call money on the New York Stock Exchange (NYSE) was nearly unobtainable (Moen). Call money was money lent for the purchase of stock equity, with the stock itself serving as collateral for the loan. The lack of Call Money later led to the New York Clearing House issuing loan certificates as an artificial way to increase the supply of currency available to the public. This later lead to the Federal Reserve System we employ today (Moen).
             Perhaps one of the most notable and significant bubbles in history was the boom of the 1920's. After World War I, growth in technology such as automobiles, radios, and the increased availability of electricity fostered a flourishing market (Smant). Facilitated by the increased usage of installment credit, a short recession in 1927 ended and industrial production jumped 25% causing the NYSE to reach 381 points, compared to 100 in 1926 (Smant). Beginning October 24th, frantic selling took place as investors realized the equitability of industry was not realistic. By the end of Black Tuesday (Tuesday, October 29), stock prices had fallen to 145 (-62%), which led to the inevitable Great Depression (Smant). By June 1932 prices had reached there lowest at 34 (-91%) (Smant).
             Today we are amidst the so-called dot-com bubble. The proverbial roller coaster has soared to never before imagined heights. With no end in sight, and the wheels supposedly firmly planted on the track, an influx of innumerable sums of money is continually dumped into the market. Determined to maintain growth, corporate executives take questionable accounting measures, and an...