Before the Fed, J.P. Morgan Was Our Central Bank

Source: www.realclearpolitics.com · Section: politics · Bias: Center-Right · Published: Fri, 07 Aug 2026 22:02:14 GMT

&zwj;In October 1907, the financier J. P. Morgan was in Richmond, Virginia. He was there to attend a conference of the Episcopal Church, of which he was a senior benefactor and a church leader. But then he received word from his partners to hasten back to New York City. A failed stock market speculation had led to the collapse of two brokerage firms and runs on several trust companies and banks. &zwj; &zwj;

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