I am reading about the Panic of 1907, which was kicked off partly by failures of specific schemes and companies.

I was reminded, somewhat obliquely because it isn’t in the same league at all, of the failure of the Alliance-Boots bond issue in 2007. This really worried me at the time — I thought it was the canary in the coal mine. I think I had read somewhere about an earlier crash being preceded by the failure of a significant bond issue, but I forget what it was — does anybody know?

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