A financial crisis unmatched since the Great Depression, say analysts

A century after John Pierpont Morgan rescued the New York stockmarket from a 50% sell off in share prices, his blue-blooded Wall Street bank was yesterday once again at the heart of attempts to contain the deepening global financial crisis.

In an echo of the “bankers’ panic” of 1907, JP Morgan reponded to what is being billed as a meltdown of historic proportions by agreeing to buy its stricken rival, Bear Stearns.

The length and severity of the crisis that broke over global markets last summer has had analysts delving into their history books. George Soros, who was largely responsible for Black Wednesday, the last bout of serious financial turmoil to afflict the UK, believes there has been nothing to match the events of the past nine months since the Great Depression.

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