THE PANIC OF 1907 - WHEN JP MORGAN SAVED AMERICA

In October 1907, J.P. Morgan personally raised $23 million in a single night and stopped the United States from complete financial collapse — with no government help. The panic started with a failed stock corner by speculators Augustus Heinze and Charles Morse, triggering bank runs that sent the NYSE down nearly 50% from its peak. Morgan locked New York's most powerful bankers inside his private library until they committed funds to stop the crisis. The irony: Congress was so disturbed that one private citizen held that much economic power, they created the Federal Reserve in 1913 specifically to replace him.🎧 Part of the Sleepy Stock Market series — financial history told as documentary audio.SLEEPY STOCK MARKETFall asleep to the greatest stories in financial history.#History #FinancialHistory #JPMorgan #PanicOf1907 #WallStreet #FederalReserve #EconomicHistory #BankingHistory #AmericanHistory #Shorts