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Timothy Lavin

How Populist Outrage Gave Birth to the Federal Reserve: Echoes

This week marked the 104th anniversary of the night that ultimately gave birth to the Federal Reserve.

On Nov. 2, 1907, John Pierpont Morgan assembled the presidents of several prominent trust companies in the library of his Fifth Avenue mansion. The illiquidity of their firms had caused what is known today as the Panic of 1907. Morgan forced those rich and powerful men to wait and worry, and by the next morning he had strong-armed them into an agreement that ended the crisis.