I was reading JP Morgan’s Wikipedia and found this fascinating story I didn’t even know about. I was surprised at how closely it mirrored the 2008 housing crisis/bank bailout. There is truly nothing new under the sun, just the same scams and mistakes repeated.
Before the Federal Reserve was formed, there were panics and bank runs every few years. Imagine the suffering of the regular people who lost their money in the panics and the anxiety of everyone with money in banks. The Federal Reserve and FDIC improve our quality of life a lot.