What problem did president Van Buren face when he took office?

When President Martin Van Buren took office in 1837, he faced a severe economic crisis known as the Panic of 1837. This financial downturn resulted in widespread bank failures, high unemployment, and a collapse in the housing market. Van Buren's efforts to manage the crisis were complicated by a lack of federal intervention tools, as he adhered to a hands-off economic philosophy. His administration struggled to restore public confidence and stabilize the economy during this tumultuous period.