background preloader

J. P. Morgan

J. P. Morgan
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[edit] J. Career[edit] Early years and life[edit] J. J.P. After the 1893 death of Anthony Drexel, the firm was rechristened "J.

Related:  Banking and finance issues

Great Depression USA 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.[2] 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%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[3]

William Howard Taft William Howard Taft (September 15, 1857 – March 8, 1930) was the 27th President of the United States (1909–1913) and later the tenth Chief Justice of the United States (1921–1930). He is the only person to have served in both of these offices. Before becoming President, Taft, a Republican, was appointed to serve on the Superior Court of Cincinnati in 1887. Federal Reserve Act Federal 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 was signed into law by President Woodrow Wilson.

Woodrow Wilson In 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.[2] 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.

Anna Eleanor Roosevelt Anna Eleanor Roosevelt (/ˈɛlɨnɔr ˈroʊzəvɛlt/; October 11, 1884 – November 7, 1962) was an American politician. She was the longest-serving First Lady of the United States, holding the post from March 1933 to April 1945 during her husband President Franklin D. Roosevelt's four terms in office. President Harry S. Truman later called her the "First Lady of the World" in tribute to her human rights achievements.[1]

Central bank The primary function of a central bank is to manage the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.[4][5] Still, limited control by the executive and legislative bodies usually exists.[6][7]

Gold standard All references to "dollars" in this article refer to the United States dollar, unless otherwise stated. Under a gold standard, paper notes are convertible into preset, fixed quantities of gold. A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types may be distinguished: specie, exchange, and bullion. Franklin D. Roosevelt Franklin Delano Roosevelt (/ˈroʊzəvəlt/ ROH-zə-vəlt, his own pronunciation,[1] or /ˈroʊzəvɛlt/ ROH-zə-velt) (January 30, 1882 – April 12, 1945), commonly known by his initials FDR, was an American lawyer and statesman who served as the 32nd President of the United States. Serving from March 1933 to his death in April 1945, he was elected for four consecutive terms, and remains the only president ever to serve more than eight years. He was a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic depression and total war. A dominant leader of the Democratic Party, he built a New Deal Coalition that realigned American politics after 1932, as his New Deal domestic policies defined American liberalism for the middle third of the 20th century.