The Panic of 1819 was the first major financial crisis in the United States, occurring after the War of 1812. It was marked by a sudden economic downturn, leading to widespread bank failures, unemployment, and a significant drop in real estate prices. The crisis was partly caused by over-speculation in land and the tightening of credit by the Second Bank of the United States. As a result of the panic, many Americans faced foreclosures and bankruptcies, leading to social unrest. The economic hardship contributed to a growing distrust of banks and financial institutions, shaping future economic policies and attitudes toward banking in the United States.