j.p. morgan a. step i see want to go there did you can i just tell you last week on the today programme radio four leading current affairs program on the radio the b.b.c. wrote person who's the b.b.c.'s business first course we're talking about the banking sample said the twenty billion pounds plus the having to pay in fines for p.p.i. insurance misselling is economically good news because people who got refunded the money they were defrauded all going out and spending it oh. well the psych another example at that most the journalist from reuters was up with shaking hands with mark carney and she tweeted the photo and said she begged him to keep rates low so her mortgage repayments would be. well i'm afraid that is the problem quite often if you're interviewed by the standard people in the media he had they all mortgage holders and all they can think about is yes i'm paying less on one move and therefore it's good for everybody when i'm sorry as you pointed out but all the same for him or her at the end

j.p. morgan, realizing the entire system was threatened, not to mention his holdings, finally stepped in to endhe panic of 1907. under his leadership, a reserve nd was put together. then, facing appeals from banks, trust companies, and brokerage rms, morgan met with a group of bankers in his library. together they often worked through the night. it's said that at one point, morgan locked them in while they argued over which firms to save. morgan played solitaire at his desk until they made their decision. morgan had saved the day, as a grateful nation acknowledged, but the panic's costs were high. it affected banks, businesses, and personal lives, including that of a disgraced, distraught charles barney, who killed himself. ironically, the knickerbocker trust was not a bad bank. it reopened five months later. the people who frantically lined up here got most of their money back. the nation's bankers faced two important realities. could they allow the power to save the banking system to remain in the hands of a j.p. morgan? the bankers turned to the federal government. they accepted the need for a central bank. the other important real