Amid the financial panic of 1907, financier JP Morgan stepped in to play the role of central bank, crafting an economic rescue plan and using his personality to offer worried Americans a psychological boost. Today, Warren Buffett’s financial aid to Wall Street and calming influence on Main Street are echoing Morgan’s work, the New York Times reports.
In the past few weeks, Buffett has invested in Goldman Sachs and General Electric, offering the firms the credibility that accompanies his name. In a rare TV interview with Charlie Rose, he explained the roots of the crisis and gave financial advice. “Everyone who has been in trouble or thought they were in trouble has called him,” said the author of a new Buffett biography.