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The panic of 1907 was sparked when JP. Morgan considered a financial luminary at the time, posted rumors in the New York times the several bank were insolvent or bankrupt this caused massive withdrawals causing the banks to actually go bankrupt as they weren't before. As a result Mr. Morgan was able to buy up entire bank chains at a discount price, and also provided an excuse to implement a central bank, (the federal reserve) promising financial stability and the a panic of like the one of 1907 would never happen again.
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