Which figure was blamed for the Panic of 1837 and the economic depression that followed?

Which figure was blamed for the Panic of 1837 and the economic depression that followed?

• A. Martin Van Buren
• B. Nicholas Biddle
• C. William Henry Harrison
• D. John Tyler

Answer: (A)

When a financial downturn hits, the sitting president is often blamed because people connect policy choices to the economy. The Panic of 1837 and the subsequent depression occurred during Martin Van Buren’s presidency, a time when his administration was criticized for not taking aggressive action to relieve suffering or stabilize credit. Van Buren favored a limited, hands-off approach and promoted measures like separating government funds from private banks, which many Americans interpreted as not doing enough to counter the crisis. Nicholas Biddle was associated with the Bank of the United States and the contentious Bank War that preceded the crisis, but the public’s blame for the downturn focused on the sitting president rather than on Biddle’s actions. The other two figures—William Henry Harrison and John Tyler—were leaders who served after Van Buren, so they were not the figures blamed for the Panic and its immediate effects.

When a financial downturn hits, the sitting president is often blamed because people connect policy choices to the economy. The Panic of 1837 and the subsequent depression occurred during Martin Van Buren’s presidency, a time when his administration was criticized for not taking aggressive action to relieve suffering or stabilize credit. Van Buren favored a limited, hands-off approach and promoted measures like separating government funds from private banks, which many Americans interpreted as not doing enough to counter the crisis.

Nicholas Biddle was associated with the Bank of the United States and the contentious Bank War that preceded the crisis, but the public’s blame for the downturn focused on the sitting president rather than on Biddle’s actions. The other two figures—William Henry Harrison and John Tyler—were leaders who served after Van Buren, so they were not the figures blamed for the Panic and its immediate effects.