J.P. Morgan was an American financier who wielded enormous power during the Gilded Age. In the absence of a central bank (America had none between 1836 and 1913), bankers like Morgan set interest rates.
During the financial crisis of 1907, when a run on a trust company prompted a wider panic, Morgan led the rescue. He locked his peers in his library until they agreed to provide emergency liquidity. The Economist's correspondent at the time described the financiers as heroes who "came to the rescue". But the episode also demonstrated the foolishness of relying on a few rich men to save a country's financial system, and contributed to the creation of the Federal Reserve in 1913.
Morgan's US Steel swallowed a financially distressed rival during the 1907 crisis, with the tacit approval of President Theodore Roosevelt, who fell silent about the "malefactors of great wealth" he had attacked weeks earlier.
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