For one month in 1907, America's financial industry stood on the brink of disaster. There were bank runs, and the New York Stock Exchange stood poised to collapse. The financial industry needed help. Luckily, help arrived in the form of John Pierpont Morgan. Ryan learned how J.P. Morgan saved the economy from collapse in 1907. Ryan also learned how the Panic of 1907 led to the creation of the Federal Reserve. Tune in as he discusses what he discovered about this fascinating topic. Sources: Ray Stannard Baker, “J. Pierpont Morgan,” McLure’s Magazine XVII, no. 6 (October 1901): 518. Robert F. Bruner, The Panic of 1907: Lessons Learned from the Market’s Perfect Storm, (Hoboken, N.J: John Wiley & Sons, 2007), xi-xii. Jon R. Moen, and Ellis W. Tallman, “Clearinghouse Membership and Deposit Contraction During the Panic of 1907,” The Journal of Economic History 60, no. 1 (2000): 150-51, Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance . New York: Grove Press, 2010.