J. P. Morgan: America's Greatest Banker

Thomas Jefferson and Andrew Jackson were staunch opponents of a national bank. When President Jackson let the charter of the second bank lapse after 20 years, it left the nation unprepared and powerless to respond quickly or effectively to major economic declines or emergencies. J. Pierpont Morgan became America's central bank, initiating monetary policies that saved the nation from a severe depression on more than one occasion. During the Panic of 1907 Pierpont called a meeting of all the ...