29. The Panic of 1907 was a financial crisis __ A) as if economical crises usually occur each year B) when its stock market fell roughly to 50 percent from its peak the previous year C) in that there was loss of confidence among depositors,and the absence of a statutory lender of last resort D) which occurred aftor the failure of an financial attempt to revive E) but the consequences of the crisis were devastating

## Step 1<br />The Panic of 1907 was a financial crisis that occurred in the United States. This crisis was characterized by a loss of confidence among depositors and the absence of a statutory lender of last resort. This means that the banks were unable to provide the necessary liquidity to meet the demands of the depositors, leading to a financial crisis.<br /><br />## Step 2<br />The crisis was not caused by a fall in the stock market, as stated in option B. The stock market did not fall to 50 percent from its peak the previous year.<br /><br />## Step 3<br />The crisis was not caused by a financial attempt to revive, as stated in option D. The crisis was not a result of a failed financial attempt to revive.<br /><br />## Step 4<br />The crisis was not a regular occurrence, as stated in option A. The crisis was not a usual occurrence each year.<br /><br />## Step 5<br />The consequences of the crisis were indeed devastating, as stated in option E. The crisis led to a significant economic downturn and a loss of confidence in the banking system.