How fragile the American banking system was before the Civil War? The sinking of a single ship in 1857 was enough to cause the failure of hundreds of banks across the country.
Author John Steele Gordon
By John Steele Gordon Before there could be bank buildings, there had to be banks,…
Now and at the turn of the 20th century, the Morgan name and brand were preeminent in American finance.
Two storied American banks merged in 1955 to form a powerful financial institution.
What does the history of the New York City water system have to do with banking? You might be surprised.
There would be no hesitancy in 2020, when the pandemic closed the American economy. In just three months, the federal government has spent trillions to mitigate the economic distress.
The Spanish flu was inherently more lethal, and medical technology was far less advanced a century ago. But the flu, despite its severity, did not cause the American economy to implode.
In a breathtaking display of self-confidence, J.P. Morgan refilled the Treasury’s gold reserves and saved the monetary standard for four more decades.
Congress has sometimes shielded bankers from the consequences of bad policies. This has occasionally brought on disaster.