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U.S. History 1877-Present Videos 173 videos
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U.S. History 1877-Present 3: Bailing out the Banks 1197 Views
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Description:
J.P. Morgan was like a money superhero. Money...man? The Spendinator? Morganius Terrificu—okay we'll stop.
Transcript
- 00:04
This one's for all those out there who want to be respected and [Man speaking on radio]
- 00:06
worshipped as financial geniuses the trick is to stop and before making any
- 00:11
financial decisions ask ourselves well what would JP Morgan do that's exactly
- 00:16
what the federal government did in the panic of 1907 the feds had 35 million [Man emptying money on roof]
- 00:20
bucks to pour back into the failing banks to stop the panic but the Treasury
Full Transcript
- 00:25
secretary wasn't sure which banks to help out so JP got on the case stat we [J. P Morgan appears with magnifying glass]
- 00:30
like to thank secretary summons Morgan with a big searchlight in the sky you
- 00:34
know think like Batman alright well though history may never know for sure
- 00:38
how the JP summoning process went down we do know what the financial Avenger
- 00:42
did get panic under control well first Morgan took a look at the books of one [Morgan picks up Trust Company of America book]
- 00:47
bank the Trust Company of America and pinpointed it as the one to save then he
- 00:52
oversaw the Treasury's investments in the TCA and brought the bank back from
- 00:56
the brink of failure after that JP helped the Treasury secretary invest 25
- 01:00
million dollars in other New York banks well at this point we're pretty sure the
- 01:04
Treasury Secretary was going home and crying in his closet at night after [Treasury secretary crying with dolls]
- 01:08
whipping the treasury into shape Morgan got to work on other millionaires for
- 01:12
example he convinced john d rockefeller to plunk ten million dollars into the
- 01:15
Stillman's National City Bank ten million bucks
- 01:18
no biggie all this started too late to stop the stock market crash though but [Clock strikes on stop market crash]
- 01:23
once it was rolling again on October 24th Morgan refused to let the New York
- 01:27
Stock Exchange closed because he believed it would just make people even [J. P Morgan scribbling out closed sign]
- 01:31
more panicky to stop the closure he called bank presidents to his office and
- 01:35
told them they had to pony up 25 million dollars in ten minutes to save the stock
- 01:40
exchange yep 10 minutes Morgan must have really had those [Batman holding man captive]
- 01:43
presidents by the throat because they actually did it then when another panic
- 01:48
bubbled up the next day he threatened another 10 million dollars out of the
- 01:51
same dudes Morgan kept up with this kind of stuff for days well JP had more
- 01:56
meetings with bankers in his personal library than a desperate speed dater it
- 02:00
deals in wheeled wheels and flexes muscles to get more money into failing [Morgan watching American Gladiator on TV]
- 02:04
companies and banks if you dad any charm he would have used that but well the
- 02:08
money in the muscle and eventually Morgan and his banker [Morgan and bankers celebrate]
- 02:11
buddies did end up saving the economy once things were back to normal Morgan
- 02:16
was thanked for his efforts with a federal investigation into where he and
- 02:19
the other bankers got so much money in power to which Morgan said that's the
- 02:24
last time I'll ever help you America or something like that but they do with [Morgan throws table upside down]
- 02:28
more expertise
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