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.
Browsing: From the Vault
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.
How Pierpont Morgan Saved the Gold Standard
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.
The Savings and Loan Disaster
Congress has sometimes shielded bankers from the consequences of bad policies. This has occasionally brought on disaster.
The Ordeal of Hetty Green
For five hours, she pleaded, she shouted and she threatened, while crowds out on Wall Street watched the drama through the bank’s big plate glass windows.
A New Kind of Branch Bank
In 1954 bank architecture joined the 20th century, with a revolutionary bank branch at 43rd Street and Fifth Avenue in Manhattan.
The Mismanagement of the Freedman’s Bank
An institution whose whole purpose had been to safeguard the money of the country’s poorest ended up destroying it.
Set Up to Fail
The tie-breaking vote that broke the early American banking system.
J.P. Morgan to the Rescue
It had been a near-run thing but the Panic of 1907 subsided—and the crisis had one positive outcome.