Fed in 2008 Showed Panic of 1907 Was Excessive

Fed in 2008 Showed Panic of 1907 Was Excessive

Melissa Golden/Bloomberg

The U.S. Federal Reserve building stands in Washington, D.C. The 1907 panic is often credited with leading to the creation of the Fed. In the absence of a central bank, J. Pierpoint Morgan, the founder of what would become JPMorgan Chase & Co., orchestrated a rescue of the banking system.