Where Is J.P. Morgan When We Need Him?

He and Rockefeller could have solved this so-called banking crisis better than Biden.

Via Wikimedia Commons
Portrait J.P. Morgan by Fedor Encke, 1903, detail. Via Wikimedia Commons

The latest in the alleged banking crisis saga is that a bunch of big banks are going to try to move deposits into First Republic Bank in order to stabilize the situation. First Republic stock jumped more than 30 percent on the news. It’s an interesting private sector approach that kind of harkens back to the days before there was a Federal Reserve or an FDIC or all these goofy federal bank regulators who seem to bungle everything they touch.

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