The Panic of 2010
Posted on July 24, 2010
The Reading Company was one of the most powerful corporations in United States history. They constructed one of the first railroads in the United States, which served Philadelphia’s coal industry.
In 1893, the Reading Company, also referred to as the Reading Railroad, went into receivership. Receivership is a fancy term for when a company and its assets are placed in the hands of a third-party, many times, government regulators. In response to its possible collapse, the numerous banks and companies that relied on the Reading’s business went into a state of terror.
That terror quickly corroded public confidence, sending stocks into a tailspin and ultimately scaring European investors into pulling their funds out of American business. People rushed to the banks to withdraw their money, fearing imminent collapse, which, oddly enough, only expedites and encourages collapse.
President Grover Cleveland did nothing. He subscribed to the theory that the economy had a cyclical nature, and depressions were part of it. His action, or inaction, can be debated, but the depression ultimately cost democrats in the ensuing election cycles.
Flash forward to 2010.
The team could easily go 10-30 in its next 40 games. That is no misprint. The pitching staff is tattered, the batting order will be even more challenged than it was during the season’s first half, and team defense will be hurt noticeably and inevitably by Brandon Inge’s departure. — Lynn Henning, Detroit News
We don’t know if they will be in this until the end of September or not. All we have are educated guesses. (Mine, for what it’s worth, is no.) And that is why, with nine days looming to the trade deadline, the Tigers can’t be buyers and they can’t be sellers. All they can do — or at least, all they should do — is sit tight and hope they pull this off. — Michael Rosenberg, Detroit Free PressI quit. — Noah, my friend.
The Tigers were a first place team more than once in the first half of the regular season, and have managed to fall no further than 4.5 games behind. They have done all this despite starting a franchise record number of rookies, losing a premiere setup man, and four of their starting pitchers spending time in the minors.
Carlos Guillen? “You try to trade him,” said Dave Dombrowski.
Any way you look at this, it comes down to a few simple things. The Tigers are 2.5 games behind, they are in a terrible division, and, most importantly, they aren’t panicking. Running to the bank and pulling every ounce of faith and trust out of your account is a waste.
Because a few writers looked at the schedule and saw Boston/New York and deduced that this “may be tough?” What revolutionary and brilliant writing.