John Pierpont "J. P." Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company, he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company owned by William Edenborn, to form the United States Steel Corporation. Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont "Jack" Morgan, Jr., and bequeathing his mansion and large book collections to The Morgan Library & Museum in New York. Childhood and education J. Career Early years and life J. J.P. After the 1893 death of Anthony Drexel, the firm was rechristened "J.
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Great DepressionUSA annual real GDP from 1910–60, with the years of the Great Depression (1929–1939) highlighted. The unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Cities all around the world were hit hard, especially those dependent on heavy industry. Some economies started to recover by the mid-1930s. Start Even after the Wall Street Crash of 1929, optimism persisted for some time; John D. Economic indicators Causes General theoretical explanations
The punishment of the American saver – JP Morgan Chase CEO makes 843 times the median household income and pays his Chase customers 0.01 percent on their savings.The current financial system is designed to punish old school savers. By definition in our debt based economy those who save are actually taking fuel out of the consumption based economy. Spendthrifts are the high octane that keeps things spinning even if it comes with a high debt price tag. You see this occurring in the world for example with countries with high surpluses bailing out countries with big debt problems in particular in Europe. We are different but not so much. The Federal Reserve has made savers a pariah in the last decade. CEO earns 843 times the median household income and manages to pay out 0.01% in interest One of the starkest contrasts is the savings rates offered at too big to fail banks. For your regular savings account at Chase you will earn 0.01% in interest. “(Reuters) Dimon’s total compensation jumped nearly 1,500 percent to $20.8 million in 2010 from $1.3 million a year earlier, based on the U.S. The figures get more interesting when you run the numbers:
Just a Bump in the Road » AboutYou can talk about the need to end poverty; give a dollar to someone on the street, and feel pity; or you can do something to make a difference. I’m just an average person who believes that everyone deserves a home, a living wage, a community. I’m walking across the United States to talk to people who are experiencing poverty and homelessness firsthand, and to raise awareness of the growing problem. I began my journey of 3,000 miles on July 4, 2009, in Washington. Along the way I’ve gotten arrested, survived a tornado, had a run-in with a polar bear (slight dramatization) walked for two weeks on a leg I didn’t know was broken and met so many amazing people. When I began my journey, I had no idea what I would find. What I found was far different than the stereotypical fat, loud and selfish America we hear so much about. Walking gives me the rare opportunity to talk to people about the struggles they face, about their hopes and dreams, and to share a drink or a laugh. Jennifer E.
Woodrow WilsonIn his first term as President, Wilson persuaded a Democratic Congress to pass a legislative agenda that few presidents have equaled, remaining unmatched up until the New Deal in 1933. This agenda included the Federal Reserve Act, Federal Trade Commission Act, the Clayton Antitrust Act, the Federal Farm Loan Act and an income tax. Child labor was curtailed by the Keating–Owen Act of 1916, but the U.S. Supreme Court declared it unconstitutional in 1918. Wilson also had Congress pass the Adamson Act, which imposed an 8-hour workday for railroads. Although considered a modern liberal visionary giant as President, Wilson was "deeply racist in his thoughts and politics" and his administration racially segregated federal employees and the Navy. According to Wilson biographer A. Scott Berg, author of Wilson, an 815-page biography; "No matter what time you lived, some of the things Wilson said and did were racist. That being said, I do think that for his day, he was a centrist.
J.P.Morgan Chase and Goldman Sachs mic-checked at Princeton UniversityTo Our Faithful Current.com Users: Current's run has ended after eight exciting years on air and online. The Current TV staff has appreciated your interest, support, participation and unflagging loyalty over the years. Your contributions helped make Current.com a vibrant place for discussing thousands of interesting stories, and your continued viewership motivated us to keep innovating and find new ways to reflect the voice of the people. We now welcome the on-air and digital presence of Al Jazeera America, a new news network committed to reporting on and investigating real stories affecting the lives of everyday Americans in every corner of the country. Thank you for inspiring and challenging us. – The Current TV Staff
Cassy FianoFederal Reserve ActFederal Reserve The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes, now commonly known as the U.S. Dollar, and Federal Reserve Bank Notes as legal tender. The Act The Federal Reserve Act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional Federal Reserve banks. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System. Background Central banking has made various institutional appearances throughout the history of the United States. The First Bank of United States The American financial system was deeply fragmented after the revolutionary war. The 2nd Bank of the United States
Meet the TeamJoseph S. Tanious, Executive Director, is a Global Market Strategist on the J.P. Morgan Funds Global Market Insights Strategy Team. In this role, Joseph is responsible for delivering timely market and economic insight to both institutional and retail clients across the country. Since joining the team, Joseph has been instrumental in developing and leading the group’s equity research efforts. Joseph is consistently ranked as a top speaker at major industry conferences and events. Joseph first joined J.P. Joseph is a CFA charterholder.