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J. P. Morgan: America's Greatest Banker (Titans of Fortune), by Daniel Alef
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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 leaders of America's major trusts and banks, locked them in his library, and would not allow them to leave until they had struck an agreement that would avert a national economic collapse--a plan he orchestrated. Six years later the hero of 1907 had become a metaphor for all of America's economic ills. Congressional hearings concluded that too much power over the nation's economy resided in a single man. The backlash against America's greatest banker brought about the federal income tax, the Federal Reserve and the Clayton Anti-trust Act. Morgan was one of America's wealthiest men, yet he could have been considerably more wealthy, perhaps the wealthiest, if greed and money had been his principal goals. They were not. Upon Pierpont's death even Rockefeller expressed surprise at Pierpont's relatively modest estate of $100 million--Rockefeller was worth 10 times more--and said: "And to think he wasn't even a rich man." [5,399-word Titans of Fortune article including a timeline, further reading and video links]
- Sales Rank: #811655 in eBooks
- Published on: 2009-03-20
- Released on: 2009-03-20
- Format: Kindle eBook
Most helpful customer reviews
2 of 2 people found the following review helpful.
very good read
By Masonic Banker
Within an hour you are able to get the life story in a nutshell. Well worth the price. Very happy with the purchase
1 of 1 people found the following review helpful.
Good Book
By MMB-Tulsa
I used this book for a research paper and I would recommend it for any other student looking for information about J. P. Morgan.
2 of 3 people found the following review helpful.
J.P. Morgan: America's Greatest Banker; OK for use if you have to do a fifth grade report on Morgan
By Bruce Rodman
Somewhat thin; appropriate for a grade school student who was assigned to do a report. Looks like part of a series.
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