He's describing both J.P. Morgan in 1907 and Warren Buffett in 2008. New York University economist Richard Sylla calls their crisis responses "profitable patriotism."
Morgan "stepped in and functioned as America's central bank." He gathered "his fellow financiers at his Manhattan mansion and hammered out a rescue plan."
While there are similarities between 1907 and 2008, there are also several differences. The government plays a much bigger role now. Morgan "wielded his power over financial markets more directly" than Buffett.
The 1907 Crisis "subsided after a few rocky weeks." We can only hope the 2008 version is more similar than different to its 101-year-old cousin in that respect.
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The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
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