Question: What was the economic crisis that led to the defeat of the President who had been Governor of New York at the beginning of the 52nd New York State Legislature?
Context: The 72nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from January 2 to April 11, 1849, during the first year of Hamilton Fish's governorship, in Albany. The 62nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from January 1 to May 7, 1839, during the first year of William H. Seward's governorship, in Albany. Martin Van Buren (Dutch: "Maarten van Buren" ; December 5, 1782 – July 24, 1862) was the eighth President of the United States (1837–41).  A founder of the Democratic Party, he served in a number of senior roles, including eighth Vice President (1833–37) and tenth Secretary of State (1829–31), both under Andrew Jackson.  Van Buren won the presidency by promising to continue Jackson's policies.  Shortly after taking office, the Panic of 1837 struck the nation, and his inability to deal effectively with the economic crisis, combined with the growing political strength of the opposition Whig Party, led to his defeat.  During his half-century of public service, he built, perfected, and defended a new system of political parties at first the state and then the federal level. The 92nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from January 5 to May 11, 1869, during the first year of John T. Hoffman's governorship, in Albany. The 52nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from January 6 to May 5, 1829, during the short tenure of Martin Van Buren as Governor of New York, and—after Van Buren's resignation—during the first year of Enos T. Throop's governorship, in Albany. Peter H. McNulty (1818-1902), a merchant and real estate operator and, concurrently, an officer from 1880 (3rd Battalion) and a major from 1889 (Quartermaster, 2nd Brigade) in the New York National Guard, was a multi term turn of the 19th century Democratic Party (USA) New York State Senator from Brooklyn’s 6th District (119th New York State Legislature, 120th New York State Legislature and 121st New York State Legislature).  McNulty apparently a few years after this service in the legislature died, remarkably, of “acute indigestion”. The 2nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from October 13, 1778, to March 17, 1779, during the second year of George Clinton's governorship, at Poughkeepsie. The 22nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from August 9, 1798, to April 3, 1799, during the fourth year of John Jay's governorship, in Albany. The 1878 New York state election was held on November 5, 1878, to elect a judge of the New York Court of Appeals, as well as all members of the New York State Assembly and one member of the New York State Senate to sit in the 102nd New York State Legislature. The 132nd New York State Legislature, consisting of the New York State Senate and the New York State Assembly, met from January 6 to April 30, 1909, during the third year of Charles Evans Hughes's governorship, in Albany.
Answer: Panic of 1837