Immediate Trade

This Man Saved the U.S. From Ruin

Cover Image for This Man Saved the U.S. From Ruin
Greg P
Greg P
Posted underBankingBoEBondsEconomyEducationFearFederal BudgetFederal ReserveInvestingJP Morgan
Patrick Boyle explains “How JP Morgan Saved the US Economy” and explores the panic of 1907, a financial crisis that caused economic contraction in the United States. The panic was sparked by a combination of events, including an earthquake in San Francisco, an attempted short squeeze, difficult politics, and inconsistent banking regulation. These factors led to banks collapsing, prompting a group of business leaders, including J. Pierpont Morgan, to take action and calm the markets. The panic of 1907 played a significant role in shaping modern financial regulation and ultimately led to the establishment of the US Federal Reserve.

TaggedGeorge CortelyouJ.P. MorganJohn D. RockefellerTheodore RooseveltUS SteelWoodrow Wilson

More Stories

Cover Image for Sept 11

Sept 11

Greg P
Greg P
Cover Image for The Gold Vault

The Gold Vault

The federal reserve, the referee of all banks, completed this building in 1924 to house most of their gold holdings. After five years of construction It symbolizes the power and stability of the Federal Reserve System. 80 feet below street level, built on bedrock, 6000 tons of gold is stored in the NYFed vault, the […]

Greg P
Greg P