The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
When the House of Morgan speaks, people listen. There are very few banks that carry an aurora of royalty like that of JPMorgan. Unlike our brethren in Europe or Asia, long historical banks or families simply do not exist in our nation’s short history. The life of American financier, bankers, and art collector John Pierpont Morgan with the ability to merge Edison General Electric and Thompson-Houston Electric into the mega conglomerate General Electric, is one of great historical reference and study.
Morgan entered banking in 1857 in his father’s London location and then moved to New York City with the knowledge he learned. During the Civil War Morgan was approached to purchase old rifles being sold from the army at $3.50 each. One of Morgan’s partners retooled the rifles and sold them back to the army for $22 each. This was touted by some as a scandal but the army knew the weapons were retooled; what this highlighted was the ability of the government to spend more than it should and also, brought to light inefficiencies in large bureaucracies.
This is part XV in our Great Depression series. Below you’ll find the latest five articles:
10. The Sham of our Current Unemployment Numbers
11. Understanding the Impact of Asset Deflation and Consumer Inflation.
12. Is the DOW now Tracking with the California Housing Market?
13. The Federal Reserve.
14. Bank Failures.Morgan had an uncanny ability of taking over businesses and reorganizing them. He had a reputation that would be similar to something of a Warren Buffet in our day and age. Yes, they played in the economy in different roles but their ability to be successful is born from the same ability to make businesses work.
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