"Politically, however, the Panic of 1837 had an enormous impact. It raised urgent questions about economic development and, in close connection, the relationship between the Treasury and the banking and currency of the country. What were the effects of English credit on the cycle of economic growth in the United States? Had the banks, by an overindulgence of the "spirit of enterprise," precipitated the pattern of overreaction and contradiction? Or were Jackson's policies chiefly to blame? Would the new president sustain these policies of reverse them? Temporarily, at least, the economy recovered from the Panic of 1837, but Van Buren's political response involved ecisions that gave basic shape to his entire presidency."