Feedback Form for WebCT Students: Click icon to the left for a form on which you can record your understanding of this material. (Password protected.) For further reading, we suggest "The Declining Middle," an essay in the Atlantic Monthly by Bob Kuttner. Kuttner's 1983 essay analyzes the effects of various economic changes in American life. (It is interesting to see, now, how much of what he said about these effects has come to be true.) For a lengthy and complex article that defines the causes of homosexuality, read Chandler Burr's "Homosexuality and Biology." Burr's article ( Atlantic , 1997) is also an excellent example of an essay that defines .
In late spring 1857, railroad stocks began to drop. Ohio Life, highly leveraged and overexposed, fell faster, failing on August 24th. As research by Charles Calomiris of Columbia University and Larry Schweikart of Dayton University shows, problems spread eastwards, dragging down stockbrokers that had invested in railways. When banks dumped their stock, prices fell further, magnifying losses. By October 13th Wall Street was packed with depositors demanding their money. The banks refused to convert deposits into currency. America’s financial system had failed.