5 centuries of bubbles and bursts

History is replete with financial frenzies that seem ridiculous in hindsight, but were viewed as anything but at the time.

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1860-73: Railroads
Railroad construction zoomed after the Civil War. Railroad stocks would make up as much as 40% of the total market capitalization of the NYSE. A financial panic in 1873 led to dozens of lines going bankrupt.

NEXT: 1890s: Bicycles
Last updated January 06 2010: 5:25 PM ET
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