Wow. Who missed the TITANIC? J. Pierpont Morgan: The legendary 74-year-old financier, nicknamed the “Napoleon of Wall Street,” had helped create General Electric and U.S. Steel and was credited with almost singlehandedly saving the U.S. banking system during the Panic of 1907. “Monetary losses amount to nothing in life,” he told a visiting New York Times reporter days after the sinking. “It is the loss of life that counts. It is that frightful death.”
"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
In New York City, when vintage clothing store owner, Amanda Rosenbloom, discovers a journal from 1907 sewn into a fur muff she's recently acquired, she finds her destiny at stake as the past & present collide. Rising rent, a troubled economy, & unable to end an affair, Amanda is happy to escape into the world of Olive Westcott, a young woman from 100 years ago. Victorian ideas have been replaced by modern ways of thinking, but the financial panic of 1907 thrusts Olive into uncertainty.
Today in Allegheny County History - On Oct. 23, 1907, the Pittsburgh Stock Exchange closed for a three-month period due to the Panic of 1907, a financial crisis that occurred when the New York Stock Exchange fell almost 50% from its peak in 1906. There were numerous runs on banks and trust companies, and many state and local banks and businesses entered bankruptcy.