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COLUMNIST GEORGE WILL : Count on the Fed to save us from our folly

Published 08/17/2007

WASHINGTON - Exactly a century ago, panic seized financial markets. The collateral for perhaps half the bank loans in New York was securities whose values had been inflated by speculation. Then on Saturday night, Nov. 2, 1907, a 70-year-old man gathered some fellow financiers at his home at 36th and Madison in Manhattan. The next morning, a New York Times headline proclaimed:

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