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Bank of England Established
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First Central Bank Found
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Second Bank of the United States
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Second Bank Closed
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more than 10,000 different bank
Circulated throughout the country. Commerce suffered as a result. Counterfeiting was epidemic. Hundreds of banks failed -
National Currency Act
Congress passed the act. These laws established a new system of national banks and a new government agency headed by a Comptroller of the Currency. -
Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into beli -
“Black Thursday”
The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else. -
worldwide depression
more than 1,000 U.S. banks failed, as borrowers defaulted and bank assets declined in value. This led to scenes of panic throughout the country, with long lines of customers queuing up before dawn in hopes of withdrawing cash before the bank had no more to pay out. -
Bank Holiday
President Franklin D. Roosevelt closed all the country's banks until they could be examined and either be allowed to reopen or be subjected to orderly liquidation. -
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Worst Financial Crisis Since the Great Depression
The financial crisis impacted people around the world – millions lost their homes, jobs, and retirement funds. Many of the smaller banks were absorbed by others, which allowed the biggest banks to further consolidate wealth and eliminate competition. In 2008, J.P. Morgan Chase & Co. bought up both Washington Mutual (the biggest bank to “fail” in the history of the United States) and Bear Stearns (the fifth largest investment bank). -
JP Morgan Chase Reports Record Profits
The bank made a record profit of $17.4 Billion in 2010.