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The 'Morgan Bonds' by Ben Macri, Vassar '99


doughishere
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The 1908 crisis and the actions of JP Morgan were basically the reason for the creation of the lender of last resort system which is the federal reserve.

 

But this is not that unusual. There are many things which are originally done privately but later done by the government. Another good examples is the CDC which basically comes from a lot of the Rockefeller foundations work but was later taken over by government.

 

Or fire fighters which were originally voluntary organizations started by Ben Franklin and also used by insurance companies.

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The 1908 crisis and the actions of JP Morgan were basically the reason for the creation of the lender of last resort system which is the federal reserve.

 

But this is not that unusual. There are many things which are originally done privately but later done by the government. Another good examples is the CDC which basically comes from a lot of the Rockefeller foundations work but was later taken over by government.

 

Or fire fighters which were originally voluntary organizations started by Ben Franklin and also used by insurance companies.

 

Agreed, History was my strongest subject in HS and I enjoyed it because it provides a great sense of how we got to where we are.....it just doesn't pay very good.

 

 

Perhaps,  its inevitable that college education and healthcare will follow suit one day.

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