1907 Financial Panic: The Day Wall Street Nearly Collapsed

The Panic of 1907 was a severe financial crisis that gripped New York City and threatened to topple the U.S. economy. Triggered by a failed attempt to corner the copper market, the panic sparked a run on banks and trust companies, leading to widespread fear and a liquidity crisis. J.P. Morgan famously stepped in to rally bankers and provide emergency loans, ultimately stabilizing the system. This event highlighted the need for a central bank, paving the way for the Federal Reserve Act of 1913.