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> Before the income tax, people like Rockefeller would just bail companies out during panics from their personal bank accounts, much to the consternation of ban
by philwelch 3y ago
> Before the income tax, people like Rockefeller would just bail companies out during panics from their personal bank accounts, much to the consternation of bankers like J.P Morgan.
To my understanding it was Morgan and not Rockefeller who engaged in these kinds of bailouts.
- atdrummond 3y agoI think OP’s point was that JP Morgan wanted to see that role supplanted by the government, even if he was forced to sometimes play guarantor himself.