Investor Ex wrote: Panic of 1907 was caused by J. D. Rockefeller & J. P. Morgan.
Rockefeller engaged in market manipulation in order to drive Heinze's Union Copper out of business, removing the main competition of Rockefeller's Amalgamated Copper. After Rockefeller had succeeded in reducing Amalgamated Copper's stock price by more than 80%, Morgan furthered Rockefeller's scheme by circulating rumors that a Heinze bank, Knickerbocker Trust Co., was about to go under as well.
This caused a run on the Heinze banks, which eventually spread to other banks unrelated to the original scheme, culminating the Panic of 1907. Morgan then agreed to partially bail out Heinze in return for the assets of Heinze's Tennessee Coal & Iron, which Morgan added to the assets of US Steel he had recently purchase from Andrew Carnegie.
Score: Rockefeller 1, Morgan 1, Heinze 0, US economy 0.
And THAT'S how monopoly is played. :o)
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