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Updated: August 2, 2026
The shrinkage of the value of these securities caused the "rich men's panic" of 1903. Consult Noyes, Forty Years, 308-311. The word originated in 1906 with President Roosevelt, who likened certain sensational journalists to the man with the Muck-Rake in Bunyan's Pilgrim's Progress. Annual Register, 1906, 442. Cf. pp. 94-96 above. I have drawn largely at this point upon Dr.
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