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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.

Language:
English Language

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

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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