Editing Economic depression (section)

====Panic of 1837====
{{main|Panic of 1837}}

The Panic of 1837 was an American [[financial crisis]], built on a [[Speculation|speculative]] real estate market.<ref name="politonomist.com">{{cite web|url=http://www.politonomist.com/history-of-economic-recessions-00273/3/|title=Panic of 1837 (1837–1842) – History of Economic Recessions|date=2 January 2009|publisher=Politonomist.com|archive-url=https://web.archive.org/web/20090406205415/http://www.politonomist.com/history-of-economic-recessions-00273/3/|archive-date=6 April 2009|url-status=dead|access-date=7 September 2012}}</ref> The bubble burst on 10 May 1837 in [[New York City]], when every [[bank]] stopped payment in [[gold]] and [[silver]] [[coin]]age. The Panic was followed by a five-year depression,<ref name="politonomist.com" /> with the failure of [[bank]]s and record high unemployment levels.<ref name="Glasner">{{Cite book|title=Business cycles and depressions: an encyclopedia|author=Timberlake, Richard H. Jr.|publisher=Garland Publishing|year=1997|isbn=978-0-8240-0944-1|editor1=Glasner, David|location=New York|pages=514–516|chapter=Panic of 1837|editor2=Cooley, Thomas F.|chapter-url-access=registration|chapter-url=https://archive.org/details/businesscyclesde00glas}}</ref>