JP Morgan Saves Wall Street: The Panic of 1873

The United States had no powerful central bank to intervene during the Panic of 1873/nJ.P. Morgan's bank focused on propping up struggling commercial banks to prevent bank runs/nJ.P. Morgan inspired confidence in American investments by selling replacement bonds on behalf of the government/nJ.P. Morgan's efforts helped stabilize the market and prevented the American economy from completely crumbling/nJ.P. Morgan's successful transition from a risk taker to a respected establishment figure paved the way for his career as America's unofficial central banker/nThe next episode of Business Movers will show how J.P. Morgan attempted to clean up the increasingly corrupt railroad industry