Episode Details

In 1907, the American financial system was collapsing — banks were failing, the stock market was cratering, and there was no Federal Reserve to intervene. One man stepped in: J.P. Morgan locked the nation's top bankers in his private library and refused to let them leave until they agreed to pool their resources and stop the panic. He saved the economy through sheer personal authority, and the crisis convinced Congress to create the Federal Reserve so no single private citizen would ever hold that much power again.

This episode traces Morgan from his banking dynasty origins through the creation of U.S. Steel, the art collection that became a public museum, and the Panic of 1907 that made him America's unofficial central banker.

• Morgan's banking dynasty origins and his consolidation of American railroads and industry
• The creation of U.S. Steel — the world's first billion-dollar corporation
• The Panic of 1907 and the weekend in Morgan's library that saved the American economy
• How the crisis led directly to the creation of the Federal Reserve System