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by vasilipupkin 4283 days ago
Note that in 1913 U.S. economy as a whole was probably 20 times smaller, even after adjusting for inflation. So, JP Morgan had a relatively big chunk of money as a percentage of real gdp
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Moreover, capital was far scarcer then than now. If you needed to raise money for an enterprise, there were fewer places to look for it. Consequently, Ol' Pierpont had a great deal more politial power than someone with the same amount of cash might today.