In this first part of a two-part piece, Richard Sylla, professor emeritus of economics at New York University, shares the true history of the Panic of 1907 and the Great Depression. He explains the role that John Pierpont Morgan played in bolstering the economic system, and discusses how the 1907 crisis led to the creation of the Federal Reserve. He also shares his theory that the impact of the 1929 stock market crash has been badly overstated. Filmed on March 12, 2018 in New York.