Fifty years ago today, President Lyndon Johnson stood before Congress and declared an "unconditional war on poverty in America." His arsenal included new programs: Medicaid, Medicare, Head Start, food stamps, more spending on education, and tax cuts to help create jobs.
In 1907, the U.S. economy was in the grip of a financial crisis. Unemployment was up. The stock market was down.
People started panicking. They were lining up overnight to pull their money out of healthy banks. This can be deadly for an economy: Healthy banks have to shut down, businesses can't get credit, they lay people off, and the economy gets worse.