In October 1907, J.P. Morgan personally rescued the United States financial system from collapse by coordinating approximately $25 million in emergency loans and sorting troubled institutions into those solvent enough to save and those that must be allowed to fail, working from his personal library on Madison Avenue.
factualpending
Speaker
Jay MartinEvidence Quote
“He gathered the heads of all the major New York banks and trusts to his home. He locked the doors of his library and told them they weren't leaving until they had pulled enough cash to backstop the system. He personally examined the books of the troubled trusts and decided which ones were solvent enough to save and which had to be allowed to fail. He coordinated roughly $25 million in emergency loans”
Created: 8/12/2026, 6:41:57 PM
My Notes
Loading notes...