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Patrick congratulations on getting sponsored by Financial Times!! This means you have officially achieved the highest quality of financial content on RUclips 🎉 !!
It's a good marketing move from FT. They are partenring with youtubers because it is where the attention is. The money & macro podcast invited one of their editors, and they just talk about what a great publication it is.
Patrick has a great speaking voice. He speaks slowly and clearly so that his audience can easily digest the material. I have learned a lot from his videos.
Could never happen today. Just imagining contacting all the major RUclipsrs and asking them to hold off on the click bait headlines for a week "for the common good".
I'm fortunate that you have chosen to give your time to us on RUclips over the last few years. I enjoy the quality of your material, your perspective on it, and your dry sense of humour. Thank you.
The fact that the preservation of the entire banking sector required one guy locking a bunch of selfish idiots in a room until they did a deal is certainly very strong evidence for the necessity of a real central bank.
Canada didn't have the same problem with bank runs and panics as the US, and they had no central bank until the 1930s. The problem was two US banking regulations that kept the money supply in the US inelastic. The ban on branch banking and the requirement to hold government bonds to back any issued banknotes.
@@damag0r-451 Canada had an infamously flimsy banking system, until the 1923 Home Bank collapse triggered massive rewriting of their bank regulations. And an eventual creation of their central bank a decade later. That narrow window of lacking bank collapses and lacking a central bank is not enough to demonstrate anything.
Thank you Patrick for this. This is amongst my favourite type of content. As much as I thoroughly enjoy the geo-political videos, these videos structured around specific events and topics are some of the best. They help in placing so many pieces into a giant puzzle that we look upon as the global financial structure. Great job!
Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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He also helped cause the panic, but that part seems to get left out a lot. It was HIS clearing house which both enabled the funding of and then convinced others to pull funding for the Knickerbocker Trust and other overleveraged interests. The U.S. gov later kept J.P. going to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee _"The report identified over $22 billion in resources and capitalization controlled through 341 directorships held in 112 corporations by members of the empire headed by J. P. Morgan."_ That's $680 billion in 2023 dollars; it was like he owned two of Apple Corporation. J.P. Morgan was beyond wealthy, and he didn't make much of that money fairly.
Congratulations on landing an association with the Financial Times...long time viewers like myself have always appreciated your insight and style, and am happy to see it being more broadly recognised as well. Congratulations again!
Note: The State Savings Bank of Butte Montana building displayed at 18:41 still stands today. The adjacent buildings in the picture also still exist. 8 W. Park St., Butte, Montana It looks almost exactly the same other than it appears to be a multi-purpose commercial building now. Thank you for all you do for us Patrick. I never miss a video post on your channel. Always learning something new.
Morgan had surprisingly little personal wealth relative to his stature and influence. That’s because banking done PROPERLY is significantly less lucrative than booming industry such as steel and oil. This is why bankers have been frantically fighting regulations, because banking done *wrong* can be ridiculously lucrative -see the 2008 subprime crisis. Rockefeller upon learning JP Morgan’s net worth at his death exclaimed “And to think… I thought he was a rich man!!”
I thought that manufacturing companies had discovered decades ago that financial operations are more profitable than "making things". Wasn't it GE, or P&G that realized their financial division was making more than their productive divisions in the mid 90's?
Too bad their wealth was not reversed. Morgan seemed to have common sense and a humanitarian bent, while Rockefeller was determined to undermine US citizens in favor of a one-world government which he and his heirs would control. Rockefeller sponsored Kissinger, the WEF, Klause Schab and launched the career of Bill Gates, who is now doing Rockefeller's foundations bidding. Fock Rockefeller.
@@danielclawson2099You are correct. Kineahora is most likely one of these people that thinks banks should be your friend and lend you money at 1% no matter your credit background
The relative revenue, profit, and power of the US banking system today is largely the result of the financialization of the US economy over the last 40-50 years. It is enabled by the large US deficit, which is in turn enabled by the US dollar being the global reserve and trade currency (Bretton Woods, etc.).
Patrick's most poplar video has 1.4m views (IMO that is criminally low). This video should dwarf that viewership. Patrick if this video doesn't blow up - please don't take that as a message to ever stop these absolutely beautiful videos Truly amazing. I watched it more than once to absorbe the info
Glad everyone in comments agree: these historical financial essays are top tier. Peak RUclips content. You really are incredible at this video making thing! Dude is out here making banger after banger, making it look easy; showing everyone else up 😂 In all seriousness tho, I really appreciate these videos and the inevitable Herculean effort you must put into them!
One has to think J.P Morgan would be pleased to know that over 100 years later the bank that still bears his name is the largest in the United States, one of the largest in the world and the US government has tasked its CEO Jamie Dimon with basically coordinating, cleaning up and consolidating power during the 2 most recent major banking failures.
2 times in 100 years... quality corporation. It survived anti-trust laws compared to AT&T and its BabyBell (AT&T, Verizon, Bell Canada, Century Link, SoftBank Japan, Nortel, WesternUnion etc..) who are still around and strong but a shadow of their former self losing territory year after year
Except JPM is often among the very banks which cause the financial crises; the only difference now is the federal government is now directing them and others to fix it in exchange for bailouts. Which, sadly, isn’t a very stable solution at all.
That is so interesting im listening to it again. I was dimly aware of this story, but you really bring it to life, and give it dimension. Thanks for this presentation Patrick. It is excellent!
Hey Patrick. A bloody exceptional video. Congratulations on your excellent (as always) work… Easily the most comprehensively researched Chanel on history and finance and more… Always learning new information from your videos… Cheers Andrew Wickham
I have an old American Heritage at home that has an article titled "A Lion in the Street" describing Morgan's role in bringing all of this to a successful conclusion. It is from the late 1950's, I believe. I'll make a note to post the issue number when I get home.
I listened to the book The Panic of 1907 by Bruner and Carr on Audible a few weeks ago and your video is an excellent shorter version of the story. That was a genuine complement. You seem to me to get in all the salient points within a limited time frame, which is quite a skill.
He also caused it, but that part seems to get left out a lot. It was HIS trading house which both enabled and cut funding for the Knickerbocker Trust. The U.S. gov kept him going back to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
Gods in Heaven, Sir! You have an excellent voice and demeanor to present financial history in a way that is both captivating and exciting! (I mean it; I was practically on the edge of my seat, trying to hold all the strings of this pivotal crisis.) Thank you most kindly. Subscribed. So this is one of the reasons for the formation of the Fed. It's horrible how a simple act of self-interest plus miscalculation can lead to almost ripping out the beating heart of an entire nation's economy. (That and a couple spanks from Mother Nature.) I'll try and get the recommended books soon!
Thanks I always like these kind of videos. Your crash of 87 video is the one that got me interested in the channel. I do like when you poke fun of musk and co too 😊
What a fantastic video. Well structured, very easy to understand and detailed enough to get (what I assume is) the full picture. Thanks you for creating this :)
In today's day, the only banker that even holds something close to JP Morgan's influence and power is, ironically or unironically, Jamie Dimon, the man who runs JP Morgan Chase
I really appreciate educational history. This was amazing and once again well put together. Even for a dumdum like me I was able to follow along and learn something new today 🎉
My favorite moment: locking trust bankers in the room until there's an agreement to avoid catastrophe. I'd love to know if there is an equivalent event elsewhere in the world
Fast forward JP Morgan is still co-owner of the federal reserve and increased the US deficit to $32.8 trillion dollars... 😂😅 China and Japan was the one that saved US economy during 2008 crashed by using Japan invented QE that all the major economy since then has been adopted from Japan.
I can highly recommend Roger Lowenstein's book America's Bank, which covers the 1907 Panic and the creation of the Federal Reserve. Great to see Patrick reference it in the description.
Enjoyed your presentation. Surprised you didn’t mention the only lady in the room with all the bankers. I understand that none other than Hetty Green was also present!
In 1873, there was an omission of the standard silver dollar from the coinage law passed by congress. It put an undue burden on using gold, gradually moving from a bimetallic system placing a monetary strain on a gold standard. This lead up to the panic which was used as an excuse for a central bank (Federal Reserve). The act of 1873 also made a change in the charge for seigniorage. Good video, thank you for all the hard work that went into producing this video.
Hi Patrick. Thanks for the posts. I’ve been enjoying and learning so much from each of them. Can I suggest u illustrating how u structured each of these pieces (or give us outlines) before going into the details? So that we can capture more easily. 😊
Hi Patrick, will you be doing any more content regarding the current problems in china? Lots of videos are popping up lately from the usual talking heads and I'd like to know if there is really more to it this time. Keep up the good work.
killer video. thank you for this. you are probably my favorite youtuber at the moment. if you taught a class local to me (nyc) i would be at every single one even though i'm in my late 30s, lol.
Thank you Patrick for this exciting and fascinating new episode of the history of economics. Congratulations on your new sponsor, well deserved and up to the quality of your content.
Great video! Really liked it Please note - when you say „watch this one next“ at the end of your video that in mobile no video is present - just a black empty place Cheers
The Financial Times: Breaking the backs of newspaper delivery boys all over the UK in the 1980s. I used to get up at 4 AM every morning as a nine-year-old and deliver about 50 of those newspapers to the local doctors and attorneys offices. At that point, each one weighed about a pound 😂
Wonderful scholarship! Thank you for doing this for all of us. Suppose a significant disaster or act of war destroyed a large city in a developed country today. How would financial contagion affect markets and the world economy now?
Interesting to see Morgan cast as the hero of the piece. In labour history he tends to be a minor antagonist. Of course, financiers and the working class have very different perspectives.
I don't really understand why but i have notifications turned on (the bell icon) for your channel but I never get notifications. I always only see your new videos in the recommended area. It seems like yours is the only channel its doing this to for me. i've tried unsubbing and resubbing, then turning on the bell with no luck. super odd. Anyways, really enjoy the videos.
Get one month of complete digital access to the Financial Times for $1 by clicking here: subs.ft.com/patrick_boyle?segmentId=940e2eaa-14f4-65ea-912e-68559407acfb
Interesting, so world war one was caused by the financial effects of the San Francisco Earthquake.
😂😢😢😮🎉
Informative video, except Patrick refers to "England" The country is the United Kingdom.
The federal reserve is not a government bank, it is a private bank owned by a powerful banking family.
@@douglasmiller4351 May I ask what is wrong with using "England"?
Patrick congratulations on getting sponsored by Financial Times!! This means you have officially achieved the highest quality of financial content on RUclips 🎉 !!
Next step in the RUclips sponsorship hierarchy... being sponsored by Morgan & Morgan.
Reuters still clear 😉
That has to be a sarcasm…nothing more than a Globalist mouthpiece the Financial Times..more of a sell out I would say.
raid shadow legends
It also means that he join the main stream media propaganda.
These history focused episodes are so well researched. Top-tier content.
So so so nice to listen to.
Is anyone else proud of Patrick for getting FT backing? I've never seen them advertised on RUclips before, this seems kinda special
Definitely impressive. I'm guessing that he must have known someone who works at/with FT (he does live in London after all).
@@BloodRider1914or he just makes great content. That’s most likely
It's a good marketing move from FT. They are partenring with youtubers because it is where the attention is. The money & macro podcast invited one of their editors, and they just talk about what a great publication it is.
@@bobs8005 why “more likely”. Most likely is both. Reason 2 is a pre rec, reason 1 is how you actually make it happen.
Patrick has a great speaking voice. He speaks slowly and clearly so that his audience can easily digest the material. I have learned a lot from his videos.
Could never happen today. Just imagining contacting all the major RUclipsrs and asking them to hold off on the click bait headlines for a week "for the common good".
lmaooo
Indeed my friend, indeed. :)
Or just forcing RUclips
Very similar things happened during the 2008 crisis.
I'm fortunate that you have chosen to give your time to us on RUclips over the last few years. I enjoy the quality of your material, your perspective on it, and your dry sense of humour. Thank you.
A 45 minute Patrick banger???? During CFA season??? The stars are not aligned 😅
Ahahaha😂
😂😂😂😂😂😂😂
Financial times has deep pockets
CFA is a scam
The fact that the preservation of the entire banking sector required one guy locking a bunch of selfish idiots in a room until they did a deal is certainly very strong evidence for the necessity of a real central bank.
Aaaaaaand then the same thing happened again in 2008 in the US and the UK, despite those nations having central banks. Guess we never learn.
@@CJBroonie What? That's not what happened in 2008 at all.
@@CJBroonie How is this even remotely related to what happened in 2008?
Canada didn't have the same problem with bank runs and panics as the US, and they had no central bank until the 1930s. The problem was two US banking regulations that kept the money supply in the US inelastic. The ban on branch banking and the requirement to hold government bonds to back any issued banknotes.
@@damag0r-451 Canada had an infamously flimsy banking system, until the 1923 Home Bank collapse triggered massive rewriting of their bank regulations. And an eventual creation of their central bank a decade later.
That narrow window of lacking bank collapses and lacking a central bank is not enough to demonstrate anything.
Thank you Patrick for this. This is amongst my favourite type of content. As much as I thoroughly enjoy the geo-political videos, these videos structured around specific events and topics are some of the best. They help in placing so many pieces into a giant puzzle that we look upon as the global financial structure.
Great job!
Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. Hicks, Liam, Logan Vrankovic, William Heaton, Paul McCourt, Daniel, Aaryan Koura, Christopher Boersma, Ulf Lundblad, Dorothy Watson, Greg Blake, Simon Bone, Livermores Quant, The Collier Report, Scott Gardner, The Man Koala, Brian McCullough, Finance Student, Julie, Mohammad Rehman, James Wallace, Daniel Poellmann, Edosa Odigie, Dixon Yuen, Marek Novák, Stamatis Drepaniotis Michael Smith, Ahmed Hamadto, Chris Davey, Mike Farmwald, Michael A. Mayo, Lachezar Georgiev, Kamet Batra, Bradley Johnson, Sagar Gudi, Michael Chessar, Kate ATL, Tong Cheung, Lady Dje, James Barnes, Chris Hall, Kurt Johnston, ICBM Catcher Juan Valdes, Linn Engström, Veltsh, Konrad P-kala, Pastacat, Adam Vorting, Matthew McQuade, Christopher Lesner, freebird, Kenneth WedMore Lund, erfective, Jason Young, Jonathan Kopnick, Peter Hendrickson, steel, Bastien, Tom Willett, Chris Whitehead, Anil Jason, JOJO, AS7, Greg Thatcher, Ezekiel Templin, MrLuigi1138, Leszek Frankowski, Nam Nguyen, Karim THIBAULT, C, David R. Ingemi, Robert Wave, Dmitri Alexeev, Aaron Rose, Ethan Hernandez, Claude Chevroulet, Stephan Marosvary, Louis Julien, Jan Lukas Kiermeyer, Gearoid O Connor, Fredrick Saupe, Subliminal Transformation, Alex McMahon, Adi, Ben, Kurt Mueller, Janusz Wieczorek, Federico Viscomi, Corgi, Mahdi, Burgerinn, Quinn Cone, QiKaiQian, Stephen, Joshua Rosenthal, Michael Smith, Emilian Marius Tudor, Cormac, Ian Shearer, Michael Kopřiva, Tinni, Goran Milivojevic, Joe Del Vicario, Alexandre Mah, Norman A. 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He also helped cause the panic, but that part seems to get left out a lot. It was HIS clearing house which both enabled the funding of and then convinced others to pull funding for the Knickerbocker Trust and other overleveraged interests. The U.S. gov later kept J.P. going to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
_"The report identified over $22 billion in resources and capitalization controlled through 341 directorships held in 112 corporations by members of the empire headed by J. P. Morgan."_
That's $680 billion in 2023 dollars; it was like he owned two of Apple Corporation. J.P. Morgan was beyond wealthy, and he didn't make much of that money fairly.
Congratulations on landing an association with the Financial Times...long time viewers like myself have always appreciated your insight and style, and am happy to see it being more broadly recognised as well. Congratulations again!
Great video history !
I really enjoyed listening to a rather unknown but evidently significant boom and bust 20 years before the famous 1929 crash.
Wonderful! No fiction writing can be more exciting then real history, Well done.
Congrats on the Sponsor Patrick, keep up the good work!
Note: The State Savings Bank of Butte Montana building displayed at 18:41 still stands today. The adjacent buildings in the picture also still exist.
8 W. Park St., Butte, Montana
It looks almost exactly the same other than it appears to be a multi-purpose commercial building now.
Thank you for all you do for us Patrick. I never miss a video post on your channel. Always learning something new.
Morgan had surprisingly little personal wealth relative to his stature and influence. That’s because banking done PROPERLY is significantly less lucrative than booming industry such as steel and oil. This is why bankers have been frantically fighting regulations, because banking done *wrong* can be ridiculously lucrative -see the 2008 subprime crisis.
Rockefeller upon learning JP Morgan’s net worth at his death exclaimed “And to think… I thought he was a rich man!!”
I thought that manufacturing companies had discovered decades ago that financial operations are more profitable than "making things". Wasn't it GE, or P&G that realized their financial division was making more than their productive divisions in the mid 90's?
Too bad their wealth was not reversed. Morgan seemed to have common sense and a humanitarian bent, while Rockefeller was determined to undermine US citizens in favor of a one-world government which he and his heirs would control. Rockefeller sponsored Kissinger, the WEF, Klause Schab and launched the career of Bill Gates, who is now doing Rockefeller's foundations bidding. Fock Rockefeller.
@@danielclawson2099You are correct. Kineahora is most likely one of these people that thinks banks should be your friend and lend you money at 1% no matter your credit background
Small correction, it was Andrew Carnagie who exclaimed that quote.
The relative revenue, profit, and power of the US banking system today is largely the result of the financialization of the US economy over the last 40-50 years. It is enabled by the large US deficit, which is in turn enabled by the US dollar being the global reserve and trade currency (Bretton Woods, etc.).
Patrick's most poplar video has 1.4m views (IMO that is criminally low). This video should dwarf that viewership.
Patrick if this video doesn't blow up - please don't take that as a message to ever stop these absolutely beautiful videos
Truly amazing. I watched it more than once to absorbe the info
I love this historical content. So detailed! It’s clear how much effort you put into your videos. Well done ❤
Glad everyone in comments agree: these historical financial essays are top tier. Peak RUclips content. You really are incredible at this video making thing!
Dude is out here making banger after banger, making it look easy; showing everyone else up 😂
In all seriousness tho, I really appreciate these videos and the inevitable Herculean effort you must put into them!
This was great, love to see a good finance story so beautifully packaged for us laypeople to follow along with.
One has to think J.P Morgan would be pleased to know that over 100 years later the bank that still bears his name is the largest in the United States, one of the largest in the world and the US government has tasked its CEO Jamie Dimon with basically coordinating, cleaning up and consolidating power during the 2 most recent major banking failures.
2 times in 100 years... quality corporation. It survived anti-trust laws compared to AT&T and its BabyBell (AT&T, Verizon, Bell Canada, Century Link, SoftBank Japan, Nortel, WesternUnion etc..) who are still around and strong but a shadow of their former self losing territory year after year
Jamie criminal
Except JPM is often among the very banks which cause the financial crises; the only difference now is the federal government is now directing them and others to fix it in exchange for bailouts. Which, sadly, isn’t a very stable solution at all.
@@CJBroonieJPM did not need a bailout in 2008, they also wernt the cause
JD is a slime ball like Jack Welsh who moved capitalism to making some of the few remnants of democracy to a failed state.
That is so interesting im listening to it again. I was dimly aware of this story, but you really bring it to life, and give it dimension.
Thanks for this presentation Patrick. It is excellent!
Hey Patrick. A bloody exceptional video. Congratulations on your excellent (as always) work… Easily the most comprehensively researched Chanel on history and finance and more… Always learning new information from your videos…
Cheers
Andrew Wickham
Damn! i just watched a 43 minutes video and felt like a 5 minutes videos. Excellent content as always!
I have an old American Heritage at home that has an article titled "A Lion in the Street" describing Morgan's role in bringing all of this to a successful conclusion. It is from the late 1950's, I believe. I'll make a note to post the issue number when I get home.
Go home!
Are you home yet?
Home yet?
Are you home yet?
Post the issue god dammit you
You have a fantastic voice for storytelling, my friend! This was a very interesting topic!
Getting sponsored by the FT is the quintessential badge of honor!! Keep up the good work!
I listened to the book The Panic of 1907 by Bruner and Carr on Audible a few weeks ago and your video is an excellent shorter version of the story. That was a genuine complement. You seem to me to get in all the salient points within a limited time frame, which is quite a skill.
There once was a man named JP, / Who saved the economy with glee. / He stopped a crash, / With a financial splash, / And became a legend in histree.
😂 loved this but still hate JP
@@aangitano I find them fun to create, glad you liked it
He also caused it, but that part seems to get left out a lot. It was HIS trading house which both enabled and cut funding for the Knickerbocker Trust.
The U.S. gov kept him going back to court over and over 'til he passed because they couldn't touch him. See: Pujo Committee
@@maht0x you're really good! 😀 Too bad I can't follow a commenter to see all the rhymes you post! 🎵
@@aangitano i'll let you into a secret, i use perplexity ai to help me. it doesn't do all the work, it's fun to create with the set-up
This channel has a good mix of content and i hope it stays that way.
But it is videos like this that make it stand out.
Thank you for posting. I love history, especially finance.
Gods in Heaven, Sir! You have an excellent voice and demeanor to present financial history in a way that is both captivating and exciting! (I mean it; I was practically on the edge of my seat, trying to hold all the strings of this pivotal crisis.) Thank you most kindly. Subscribed.
So this is one of the reasons for the formation of the Fed. It's horrible how a simple act of self-interest plus miscalculation can lead to almost ripping out the beating heart of an entire nation's economy. (That and a couple spanks from Mother Nature.) I'll try and get the recommended books soon!
"Vindictive savagery towards corporation." Damn, I like the sound of that.
Thank you. I had the basics but you clarified some important points.
Thanks I always like these kind of videos. Your crash of 87 video is the one that got me interested in the channel. I do like when you poke fun of musk and co too 😊
Well told. I particularly like the book tips at the end. Many thanks.
Wow. Your videos have manage to continue getting better and better! Great work and great story!
Incredible storytelling.
And it's just that, a story. Leaving out the part where J.P. Morgan set up the panic via his own clearinghouse.
Well done Patrick. Entertaining and informative!
What a fantastic video. Well structured, very easy to understand and detailed enough to get (what I assume is) the full picture. Thanks you for creating this :)
Wonderful video Patrick. I always enjoy the history. Fabulous job. Thanks.
As always, a world class, educational and informative episode of financial history. Thank you.
Patrick is a gifted presenter. This subject is well outside my usual scope of interest, yet he makes it fascinating. Thank you Patrick.
Absolutely excellent episode. Thank you. This channel is my favorite.
stellar stuff, thanks for all you do to educate!
In today's day, the only banker that even holds something close to JP Morgan's influence and power is, ironically or unironically, Jamie Dimon, the man who runs JP Morgan Chase
Good Lord, not that one! He should be in politics, not financing.
No one does cause it's personal benefits now
@@fairplayer7435duh 🙄😮💨
Jamie Dimon is the reason I bought J.P. Morgan stock. I don’t plan to sell when he retires but it will be sad
I love your financial history videos - thanks Patrick!!
I really appreciate educational history. This was amazing and once again well put together. Even for a dumdum like me I was able to follow along and learn something new today 🎉
My favorite moment: locking trust bankers in the room until there's an agreement to avoid catastrophe. I'd love to know if there is an equivalent event elsewhere in the world
It happened again in 2008.
I love these historical videos. I often come back to watch
Fast forward over a century later and JP Morgan is still saving the US Economy.
Not just a century, just a decade later they fueled WW1 & WW2, which guaranteed an american empire and the destruction of europe
😂😂😂😂😂
Fast forward JP Morgan is still co-owner of the federal reserve and increased the US deficit to $32.8 trillion dollars... 😂😅
China and Japan was the one that saved US economy during 2008 crashed by using Japan invented QE that all the major economy since then has been adopted from Japan.
Good one 😅
Haha😂👍
Your presentations are always entertaining and education; good job!
You called this your best video on one of your other episodes and I’m inclined to agree. Extremely interesting and well presented!
An absolutely fantastic vlog!! Loved every minute of it!!
Absolutely thrilling Patrick!
Amazing story. I never thought a story about a run could be so interesting for a non financial person like myself. Terrific research on the subject
One of of your best works so far (yes, I do believe I saw them all). Congrats on the new sponser.
Educational and entertaining, a very fast 43 min. I wonder what Morgan would have thought of wood nymphs, 420 memes, and monkey art.
I can highly recommend Roger Lowenstein's book America's Bank, which covers the 1907 Panic and the creation of the Federal Reserve. Great to see Patrick reference it in the description.
Epic Video, nicely done, as ever ;-)
Enjoyed your presentation. Surprised you didn’t mention the only lady in the room with all the bankers. I understand that none other than Hetty Green was also present!
Great content, as always Patrick!!
In 1873, there was an omission of the standard silver dollar from the coinage law passed by congress. It put an undue burden on using gold, gradually moving from a bimetallic system placing a monetary strain on a gold standard. This lead up to the panic which was used as an excuse for a central bank (Federal Reserve). The act of 1873 also made a change in the charge for seigniorage. Good video, thank you for all the hard work that went into producing this video.
Awesome piece, fascinating history that we should be paying a lot of attention to
Hi Patrick. Thanks for the posts. I’ve been enjoying and learning so much from each of them. Can I suggest u illustrating how u structured each of these pieces (or give us outlines) before going into the details? So that we can capture more easily. 😊
I mean showing the logic of the post 😅
Patrick thank you for your work
Good stuff Patrick, thankyou.
Thanks again Patrick for your great history on US development 18 and 1900s
Brilliant. Just, brilliant production of this video.
I like this non-Robber Baron series, thanks, Carnegie is my favourite! When I was a tennager, I had cherished books on these 19th century titans!
Hi Patrick, will you be doing any more content regarding the current problems in china? Lots of videos are popping up lately from the usual talking heads and I'd like to know if there is really more to it this time.
Keep up the good work.
Congrats on getting sponsored by the FT, this is a huge marker of your channel's credibility.
killer video. thank you for this. you are probably my favorite youtuber at the moment. if you taught a class local to me (nyc) i would be at every single one even though i'm in my late 30s, lol.
Thank you Patrick for this exciting and fascinating new episode of the history of economics. Congratulations on your new sponsor, well deserved and up to the quality of your content.
Wins are privatized
Losses are subsidized by taxpayers
Great video! Really liked it
Please note - when you say „watch this one next“ at the end of your video that in mobile no video is present - just a black empty place
Cheers
Thoroughly researched and beautifully explained. Thanks for making this video.
Thank you J.P.
This video is excellent, thanks Patrick
Top Quality financial content, We need more like this 👏
The best so far. Thank you.
Great video Patrick! I had Really nice commute to the city this am :)
Excellent video, as always.
The Financial Times: Breaking the backs of newspaper delivery boys all over the UK in the 1980s. I used to get up at 4 AM every morning as a nine-year-old and deliver about 50 of those newspapers to the local doctors and attorneys offices. At that point, each one weighed about a pound 😂
Thank you for this excellent history lesson. Yet we still repeat.
Wonderful scholarship! Thank you for doing this for all of us.
Suppose a significant disaster or act of war destroyed a large city in a developed country today. How would financial contagion affect markets and the world economy now?
Ft is the best paper buy far. It gives you the actual information and is light on spin.
Oh, how interesting, since they left out the part where J.P. Morgan helped cause the panic via his own clearinghouse.
@@Mavendow Can you link me to any articles?
Interesting to see Morgan cast as the hero of the piece. In labour history he tends to be a minor antagonist. Of course, financiers and the working class have very different perspectives.
😍😍 caught a premiere!!
Congrats! Here have a cookie 🍪
That was really good. Thanks
That was informative content. Thankyou Patrick.
Wonderfully clear
Knickerbocker is a funny word
Great video. It would be really cool if you did a series on the history of the credit system.
Excellent video. Thanks.
amazing video, thank you so much
Bro dropped a 45 minute banger out of nowhere
felt like 10 mins... was great!
I don't really understand why but i have notifications turned on (the bell icon) for your channel but I never get notifications. I always only see your new videos in the recommended area. It seems like yours is the only channel its doing this to for me. i've tried unsubbing and resubbing, then turning on the bell with no luck. super odd.
Anyways, really enjoy the videos.
Thank you again. Always interesting and educational.