1907: The Crash That Created the Federal Reserve
Автор: Money Through the Centuries
Загружено: 2025-10-29
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1907: The Crash That Created the Federal Reserve
Wall Street’s 1907 panic wasn’t destiny—it was failed plumbing. A botched United Copper corner (Otto & F. Augustus Heinze) plus the web of Charles W. Morse pushed thin-reserve trust companies into runs. Knickerbocker Trust shut its doors, call money screamed toward 100%, the NYSE cratered—while America had no Fed. Into the vacuum stepped J. P. Morgan: overnight pools, clearing-house certificates, even a lifeline to meet New York City payroll. We track the fuse from the 1906 San Francisco earthquake and Bank of England rate hikes to liquidity freezes—and the rhyme you’ll recognize in 2008. Outcome: the Pujo Committee exposed the “money trust,” momentum built for the Federal Reserve (1913), and U.S. market plumbing was rewritten.
Keywords: Panic of 1907, Knickerbocker Trust, J. P. Morgan, United Copper, Heinze, Charles W. Morse, call loans, clearing house, lender of last resort, Federal Reserve.
#history #finance #economics #banking #WallStreet #Panic1907 #UnitedCopper #JPMorgan #FederalReserve #crisis
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