Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Are you aware that JP Morgan, in 1895, personally bailed out the US government?

Since we're all whining about the US Government bailing out JP Morgan Chase with $25 Billion, perhaps we should go back and learn a little history.

The US in 1893 slid into a deep depression. In 1895 they literally ran out of gold. Who stepped in and personally bailed out the government? JP Morgan.

He did it again in 1907 with John D. Rockefeller, who this time injected their personal capital to bail out the banks.

And in 2008, JP Morgan Chase bought out Bear Sterns and then Washington Mutual before succumbing that they too might need a bailoout themselves.

http://abcnews.go.com/Business/Economy/story?id=58...

http://www.reuters.com/article/businessNews/idUSTR...

12 Answers

Relevance
  • Anonymous
    1 decade ago
    Favorite Answer

    JP Morgan & Rockefeller were either die-hard americans or excellent businessmen. I would guess the later.

  • Anonymous
    4 years ago

    This Site Might Help You.

    RE:

    Are you aware that JP Morgan, in 1895, personally bailed out the US government?

    Since we're all whining about the US Government bailing out JP Morgan Chase with $25 Billion, perhaps we should go back and learn a little history.

    The US in 1893 slid into a deep depression. In 1895 they literally ran out of gold. Who stepped in and personally bailed out the government?...

    Source(s): aware jp morgan 1895 personally bailed government: https://biturl.im/1Mfh8
  • Marie
    Lv 4
    4 years ago

    Oh that blows, KitKat. I've got a spare room if you need it. By the way, I can tell you where your bailout money went to. It went to people like my sister, who were contacted by her bank and offered to have her mortgage renegotiated with very favorable rates. She said yes of course, and now stands to save around $50,000 over the life of the loan. She was told the bank had to do this for a certain number of home owners as conditions for the bailout the bank received. The odd thing is, her and her husband have both had stable jobs throughout this recession. As such, they make their payments on time and have never been in danger of default or bankruptcy. Looks like the banks only want to help those who they can still make money off of. True story.

  • 1 decade ago

    I wonder why Soros hasn't tried to crash a nations currency in recent years ala 1992 GBP. actually, I also wonder if he was on the winning end of many flopped oil and mortgage-backed derivatives contracts last summer? Who made all the money last year? the swiss?

    the banks weren't really "Bailed out"... their federal reserve accounts were marked up. Bernanke basically printed more money. He diluted the dollar by increasing the money supply. He is the reason we aren't in a complete depression and economic failure.

  • How do you think about the answers? You can sign in to vote the answer.
  • Just goes to show, the Government cannot run a business as well as the Private sector.

    Also, JP Morgan didn't need the bail-out money, they didn't ask for it. So, we didn't really bail them out, we just forced money onto them.

    Source(s): JP Morgan Client.
  • 1 decade ago

    Yes and Americans have been paying for it every since.

    Every economic problem that arises JP Morgan benefits.

    Maybe you should follow the money trail and see how much deeper that rabbit hole goes.

    These economic problems seem pretty convenient to help eliminate competitors and consolidate market share.

    Interesting how you skipped over the Great Depression and the 1920s recession.

    Source(s): Great question. See I knew you had it in ya.
  • 1 decade ago

    You know I don't know anything about all those other times BUT I do know what they did to Bears & Stearns.

    At the end of it, THEY GOT ABOUT 25 BILLION AND THEN BOUGHT OUT BEARS & STEARS FOR $2 A SHARE.

    That deal only HELPED THOSE WALL STREET FAT CATS.

    THEN THEY WENT ON TO GET OUR 401, IRAS & PENSIONS.

    THEN INSULT TO INJURY GOT OVER 2 TRILLION DOLLARS FROM US.

    I don't want to hear a dam thing about what was SAID back then BECAUSE YOU NEVER EVEN TALKED TO ANYONE WHO KNEW SOMEONE BACK THEN.

    WALL STREET WILL TURN ANYTHING AROUND TO SUIT THEIR PURPOSES.

  • Anonymous
    1 decade ago

    I knew about the 1907 one with Rockefeller, but not the others. Interesting!

    Source(s): .
  • 1 decade ago

    Just wait and see how George Soros tries to bail us out now

  • 1 decade ago

    Which would explain their feeling of entitlement. If you think for one minute that they "bailed" out the government for anything other than purely selfish reasons then you're way more naive than any one person should ever be.

Still have questions? Get your answers by asking now.