When a Bank Holiday Saved the 1907 Panic

Episode 34 of The Economic History Podcast explores the Panic of 1907, a financial crisis that nearly collapsed the US banking system. Lucas and Luna break down the specific trigger: the failed attempt to corner the copper market by F. Augustus Heinze and Charles Morse, which brought down the Knickerbocker Trust. They focus on two key figures: J.P. Morgan, who organized a private bailout from his library, and the US Treasury's reluctant role. The episode drills into how this panic directly led to the creation of the Federal Reserve in 1913, changing American banking forever. No vague history lessons—just the specific numbers, names, and decisions that mattered. If you've ever wondered why the Fed exists, this episode gives you the concrete origin story. #PanicOf1907 #JP Morgan #KnickerbockerTrust #F Augustus Heinze #CharlesMorse #CopperCorner #BankingPanic #FederalReserve #CentralBanking #EconomicHistory #Economics #Business #Finance #WallStreet #TrustCompanies #LiquidityCrisis #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo