The New York City bankers who managed the 1907 crisis (including JP Morgan's banking peers) were ready to support creation of a central bank because they no longer wanted the burden of managing financial panics—the Federal Reserve would relieve them of this responsibility, making it politically easier for large banks than small banks to accept the Fed.

causalpending

Speaker

Dr. Jane Nodell

Evidence Quote

the New York City banks that had been very involved in managing all these panics...we're kind of ready not to do that anymore so they didn't put up a big fight to creating a central bank

Source

A Masterclass In Central Banking | Professor Jane KnodellForward Guidance
Created: 8/11/2026, 1:31:04 AM

My Notes

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