What was 1907 banking crisis about in America?

Question

Just read about 1907 banking crisis in America and JP morgan himself had to bail out the American banks, and economy. What caused the panic in 1907, and what role does federal reverse play today to prevent it ocurring again. In 2007 its more sophiscated with the subprime mess.

Answer 1

1907: Banking Panic
Eventually, something did give way. In October, the scarcity of money led to a panic in New York that spread through the rest of the country. Chicago's banks followed the lead of New York and suspended currency payments. As might be expected, depositors were angry.
To bring relief to the situation, United States Secretary of the Treasury George B. Cortelyou earmarked $35 million of Federal money to quell the storm. Complete ruin of the national economy was averted when J.P. Morgan stepped in to meet the crisis. Morgan organized a team of bank and trust executives. The team redirected money between banks, secured further international lines of credit, and bought plummeting stocks of healthy corporations. Within a few weeks the panic passed, with only minimal effects on the country.

By February 1908, confidence in the economy was restored.

Answer 2

1907 Banking Crisis

Answer 3

Roosevelt introduced April 18, 1933 that we've been going off the final. are you able to think of a international financial organization while our banks are this corrupt simply by fact our government enables them to be corrupt and refuses to alter our financial device? the money Changers have not replaced because Jesus over threw their tables on the temple in Jerusalem. Usury on credit enjoying cards now expenditures some persons approximately l/3 of their income. And we actually think of that the government protects the folk. the government throws the folk to the wolves.