Austan (Austan) Goolsbee
speaker
656 appearances
1 recordings
1 series
first heard Jul 2026
last heard 15 Jul
Austan (Austan) Goolsbee’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
JP Morgan himself.
Yes.
In the panic of 1907, basically steps in as the lender of last resort to prevent the
what would be a Great Depression.
The government, but it's more... I think the story has an interesting wrinkle because he doesn't do that out of just gratitude for the nation.
Sure.
They never do.
He backstops a series of financial institutions...
And he chooses his friends when he does it.
Okay.
So when the crisis comes, you have to decide, no, no, you guys are doomed.
We're not going to throw good money chasing after bad.
So he chooses the people that he likes.
And he's like, okay, I'm going to give you the loans.
And the ones he doesn't like, they die.
So Congress creates the Federal Reserve Act.
A, because they want to have a lender of last resort, and B, they don't want to be beholden to one private individual choosing winners based on whatever criteria.
In a way, but they outline that
It vested in a Federal Reserve system.
And importantly, they're deeply uneasy in 1913, just as people are today, that Washington, D.C., plus the banks on Wall Street are going to control the entire financial system of the United States with no input from the rest of the country.
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