Getting the Federal Reserve right, Part One
By John Steele Gordon After J. P. Morgan had stopped the financial panic of 1907…
Browsing: From the Vault
How Wall Street Became ‘Wall Street’
By John Steele Gordon As a thoroughfare, Wall Street is unimpressive. Narrow and just six…
The Ghost of Thomas Jefferson
How Jefferson’s skepticism about central banking was woven into the fabric of the U.S. financial regulatory system.
The Ship That Sank the American Banking System
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.
Three Early U.S. Bank Buildings
By John Steele Gordon Before there could be bank buildings, there had to be banks,…
The Morgan Lineage in U.S. Financial History
Now and at the turn of the 20th century, the Morgan name and brand were preeminent in American finance.
Chasing Down History
Two storied American banks merged in 1955 to form a powerful financial institution.
Aaron Burr’s Pipeline from Commerce to Banking
What does the history of the New York City water system have to do with banking? You might be surprised.
A Short History of Economic Rescues
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 Pandemic and the U.S. Economy
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.