Final answer:
There is no historical economic event called the Panic of 1973; the question may be confused with the Panic of 1819, Panic of 1873, or Panic of 1893, which were significant economic downturns. The closest event around that time was the 1970s stagflation, with high inflation and unemployment.
Step-by-step explanation:
The question seems to be referring to a financial panic, but there is no historical event known as the Panic of 1973. It appears there may be a confusion with other historical economic panics, such as the Panic of 1819, which was the first significant peacetime financial crisis in the United States and was followed by a general collapse of the American economy that resulted in bank failures and deflation.
Another major crisis was the Panic of 1873 which began a prolonged period known as the 'Long Depression'. A similar situation occurred during the Panic of 1893, which also led to a severe economic depression with high unemployment and several bank and business failures, especially in the railroad sector.
The information provided describes various historical economic downturns, but not a 'Panic of 1973'. The economic condition closest to the year mentioned is the stagflation of the 1970s, a period of high inflation and high unemployment that continued into the early 1980s before economic policies helped stabilize the situation.