Summary of Ron Chernow's The House of Morgan (Unabridged‪)‬

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A few key insights from Part 1:

1. In 1835, the world and specifically America were experiencing a dire financial crisis due to rising debt and interest payments.

2. Around this time, the United States underwent the construction of railways, canals and turnpikes, funded mostly by bonds issued in London, which was the nucleus of the financial world at that point in history.

3. The Morgans have always been a rich family. Sixteen years after the Mayflower reached American shores, the first Morgans arrived, in 1636, and settled in Hartford, Connecticut.

4. By the 1800s, the Morgans owned several companies, including railroad, stagecoach, canal, and steamboat businesses, and the Aetna Fire Insurance Company.