The Man Who Was a One Man Federal Reserve — THEY HATED HIM TOO Part 4 J P Morgan

History Onion · 2:59

In the spring of 2023, an American bank collapsed in a deposit run — and Jamie Dimon's JPMorgan absorbed nearly all of it. The bank still bears the name of the man who, in 1907, did something no institution could: with no Federal Reserve yet to stop a national panic, a seventy-year-old J.P. Morgan locked New York's bankers in his private library overnight until they pledged the millions to halt it — even as his own U.S. Steel grew in the deal. To his admirers he was the system's backstop; to his critics, proof of a "money trust" — too few men holding too much. The panic so unsettled the country that Congress built the Federal Reserve so no single man would ever have to do that again. So which is the real lesson — that one man saved the country, or that no country should ever need him to? That one's yours to decide. Follow for Part 5 — Henry Ford. Some scenes are cinematic reconstructions of documented events. All quotes, dates, and sources are historically verified. #history #jpmorgan #wallstreet #federalreserve #gildedage