Jean Strouse, who is THE biographer of J.P. Morgan (and who probably wouldn't approve of my choice of portraits), writes in today's Washington Post about Morgan's role in the Panic of 1907.
Funniest line:
On Sunday, the newspapers published a letter from the president saying that the fundamentals of the economy were sound.
The conclusion:
The crisis itself was relatively brief, but it brought on a severe nationwide contraction that destroyed not only speculative ventures but healthy banks and businesses as well, and threw people all over the country out of work -- a scenario that everyone working around the clock to resolve the crisis of 2008 has to hope will not sound familiar down the line.
The article is well worth the read. JP Morgan was a force. Such a force that 100 years later, his name (as J.P. Morgan Chase) is still in the cast of characters.
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