Jim Devine:
wasn't it JP Morgan himself who played a Fed-like role before the Fed
was established? or am I confusing him with another magnate?
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His emergency loans are credited with stopping a run on the banks and
propping up the collapsing stock market in the panic of 1907. The crisis
underlined the need for a central bank to act as lender of last resort and
provided the impetus for the creation of the Federal Reserve in 1913.
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