Marvin Gandall writes: >> > 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? >> ========================= >> 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.
Thank goodness the Fed replaced Morgan. If no Fed, I bet the 20th Century would have continued to suffer financial panics, perhaps even resulting in bank failures and depressions. :) David Shemano _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
