Black Friday
E545251
Black Friday is the term commonly used for the notorious 1869 U.S. financial crisis when a failed attempt to corner the gold market caused a market crash and widespread economic turmoil.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Black Friday canonical | 2 |
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
financial crisis
ⓘ
historical event ⓘ |
| alsoKnownAs |
Black Friday gold panic
NERFINISHED
ⓘ
Gold Panic of 1869 NERFINISHED ⓘ |
| cause |
attempt to corner the U.S. gold market
ⓘ
speculative bubble in gold ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| currencyInvolved | gold ⓘ |
| date | 1869-09-24 ⓘ |
| describedBySource |
19th-century newspaper accounts
ⓘ
U.S. government reports ⓘ |
| economicSector |
commodities trading
ⓘ
financial markets ⓘ |
| followedBy | increased calls for financial regulation ⓘ |
| hasEffect |
bankruptcies of speculators
ⓘ
collapse of gold prices ⓘ economic turmoil in the United States ⓘ financial panic ⓘ losses for farmers and businesses ⓘ public distrust of Wall Street speculators ⓘ stock market crash ⓘ |
| hasTopic |
insider influence on government policy
ⓘ
market manipulation ⓘ speculation in commodities ⓘ |
| involves |
New York Gold Exchange
NERFINISHED
ⓘ
United States Treasury NERFINISHED ⓘ |
| location |
New York City
ⓘ
Wall Street NERFINISHED ⓘ |
| mainParticipant |
Abel Corbin
NERFINISHED
ⓘ
James Fisk NERFINISHED ⓘ Jay Gould NERFINISHED ⓘ Ulysses S. Grant NERFINISHED ⓘ |
| partOf | Reconstruction era NERFINISHED ⓘ |
| precededBy | post–Civil War inflation and debt issues ⓘ |
| regulatoryConsequence |
debates over federal role in financial markets
ⓘ
greater scrutiny of Wall Street speculators ⓘ |
| relatedTo |
Gilded Age speculation
ⓘ
U.S. monetary policy after the Civil War ⓘ |
| significance |
early example of a U.S. market crash caused by speculation
ⓘ
highlighted vulnerability of U.S. economy to financial manipulation ⓘ |
| subjectOf |
congressional investigations
ⓘ
historical studies of American finance ⓘ |
| timePeriod | 19th century ⓘ |
| triggeredBy |
Treasury gold sale ordered by President Grant
ⓘ
U.S. government decision to sell gold ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.