[Grampa Dave]

Uncertainity and fear are negative motivations in the market.

Thanks for repeating for us your study/paper in the Journal of Economic History. Freepers like you are incredible people. We have a thread on the whacking of the $oddomite boys. The stock market has a good rise on the validation of the whacking. We discuss that and then you post a study that you did. Only on Free Republic:

" Charles Calomiris, of Columbia, and I did a paper in the Journal of Economic History in which we showed that uncertainty over the slave/free status of Kansas and Nebraska, brought about by the Dred Scott decision, sparked the Panic of 1857."

Thanks for sharing the summary of your paper with us.

[LS]

I contributed very little to this paper---mostly historical "qualitative" data and some of my work on southern banking before the Civil War---but this has been the most widely cited article I've ever "written." Virtually every major analysis of bank panics or bank runs cites this paper. So I was quite fortunate to hook up with a genius.