Whether Morgan’s reputation would have flourished further under different,
less restrictive political conditions can never be known. Sure, his father
had reorganized the railroads, created the first billion-dollar firm and bailed
America out of the Panic of 1907. But his father operated at the very end of
the era of true free markets—a time when he could summon more money
than the government could—and that granted him world-wide power. J.P.
Jr., too, had his own impressive gig in international finance that had its own
worldwide influence. Without his financing, the western war effort would
have been much more difficult. But Junior had to contend with an onslaught
of government regulations that, slowly whittled away at his operations. No
man in finance ever had bigger shoes to fill than did J.P. Jr., and his strength
kept the continuous presence of the House of Morgan a dominating feature on
Wall Street through the Progressive era and into the New Deal. Dad couldn’t
have done better.
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