20. J.P. Morgan and the Crash of 1907

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Length: {4:55 minutes}

Bill Still describes how Morgan, a powerful banker, led the charge to create a new private central bank for America during the early 1900s. He suggests that Morgan and his friends engineered a panic in 1907 to focus the nation’s attention on the supposed need for a central bank. The panic led to widespread bank failures, and Morgan stepped in to offer to prop up the faltering economy by supporting failing banks with money he manufactured out of thin air.
Bill Still argues that this was an outrageous proposal that further consolidated banking power into the hands of a few large banks.

Bill Still also mentions that President Theodore Roosevelt allegedly went after Morgan and his friends using the Sherman Antitrust Act, but ultimately did little to interfere with the growing monopolization of American industry by bankers and their surrogates. Bill Still suggests that the creation of the Federal Reserve System was the direct result of the panic of 1907, but that it was really just a scam to fleece the American public and consolidate banking power.

Overall, the text presents a critical view of J.P. Morgan and the banking industry, suggesting that they manipulated the economy and the government to further their own interests and consolidate their power.

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