New JP Morgan: Same as Old JP Morgan

Source: The Pamphleteer
by Davis Hunt

“JP Morgan’s actions during the Panic of 1907 buoyed and restored confidence in an American banking system buckling after two brothers miscalculated in their attempt to corner United Copper. Cited as the event that eventually resulted in the Federal Reserve Act of 1913, the Panic witnessed bank runs, liquidity crises, and exchange pauses as customers rushed to withdraw their assets as trust in banking institutions plummeted. Then considered one of if not the most prominent financier in the world, JP Morgan ended his vacation early to rally other bankers and use much of his own money to provide liquidity to ailing trust companies and banks across the country. … Morgan’s actions stabilized the markets, but the incident underscored the need for banking reform, and thus, we got the Federal Reserve.” (06/21/22)