Episode 505: A Locked Door, A Secret Meeting And The Birth Of The Fed
J.P. Morgan: Not a pussycat. Hulton Archive/Getty Images hide caption
J.P. Morgan: Not a pussycat.
Hulton Archive/Getty ImagesOn today's show, we tell the creation story of the Federal Reserve — one of the most powerful financial institutions on the planet.
The story includes a 70-year-old man with a bad head cold and a bunch of mistresses, a nation that's deeply ambivalent about a central bank, and a secret meeting at an island with a sketchy name.
Our guests are Liaquat Ahamed, author of Lords of Finance, and Gary Richardson, Federal Reserve System historian and professor at UC Irvine.
Music: 10cc's "Wall Street Shuffle" Find us: Twitter/ Facebook/Spotify/ Tumblr. Download the Planet Money iPhone App.