Like J.P. Morgan, Warren Buffett braves a crisis
In the midst of a financial crisis, a towering figure of American business steps forward with his reputation and financial resources for public good and personal gain.
Their times and personalities are vastly different, of course. But J. Pierpont Morgan's role in the Panic of 1907 has its echo in Warren Buffett's actions during the current financial troubles.
"What Buffett is doing is similar in ways to what Morgan did in 1907," said Richard Sylla, an economist and financial historian at the Stern School of Business at New York University. "It's what you might call profitable patriotism."
Comparing the two men and their moves in periods of market turmoil, just more than a century apart, reveals how much some things have changed over the years and how other things have not, according to business historians and finance experts.
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Their times and personalities are vastly different, of course. But J. Pierpont Morgan's role in the Panic of 1907 has its echo in Warren Buffett's actions during the current financial troubles.
"What Buffett is doing is similar in ways to what Morgan did in 1907," said Richard Sylla, an economist and financial historian at the Stern School of Business at New York University. "It's what you might call profitable patriotism."
Comparing the two men and their moves in periods of market turmoil, just more than a century apart, reveals how much some things have changed over the years and how other things have not, according to business historians and finance experts.