All language subtitles for Titans.The.Rise.of.Wall.Street.S01E04.WALL.STREET.AT.WAR.1080p.AMZN.WEB-DL.DDP2.0.H.264-TEPES

- On
April 14th, 1913,

Jack Morgan lays
his father to rest.

Jack Morgan's whole life
has been in preparation

for this to take his place

at the head of
their families firm.

- You ready?

- But the legacy
JP Morgan has left behind

will not be easy to live up to.

JP Morgan's bold vision

and relentless drive
transformed America.

- So much of what he did, and
so much of what he achieved

really wasn't about
writing checks,

but it was about
the people he knew.

- There's always a way, key
is knowing how to find it,

which is why you came to me.

- By financing the railways

in the big industrial
corporations,

he built the single largest
integrated economy in the world.

And his son grew up in the
privileged shadow of that.

- Filling the void left by JP
Morgan will not be easy to do,

but Jack is determined to prove
that he has what it takes.

- With
JP Morgan gone,

it's the end of an era,

and Henry Goldman managing
partner at Goldman Sachs

plans to revolutionize
American finance.

Challenging how
the House of Morgan

and his brother-in-law,
Samuel Sachs do business.

- Studebaker is a new kind of
company for the next century.

What's crucial is that
have the employees

buy into that idea?

- We're already offering
a generous pension plan.

- Actually, I haven't
thought about the pensions.

- But you know what
truly grows loyalty?

Ownership.

A stock purchase plan.

- Goldman
already made millions

by taking companies
like Studebaker public.

Now he pioneers ways to boost
profits across the board.

- I like that, for employees
who have been with the firm

for like a year or more?

- That's good.

That is good.

And we'll offer it annually,

increasing their
stake exponentially,

the longer they stay
with the company.

- The relationship between Sachs

and Goldman was
very, very fraught.

Henry Goldman was much
more willing to take risks,

whereas Samuel Sachs wanted
to just maintain business

and continue to let
the business grow.

- While Henry Goldman
wants to push Wall Street

into the next century,

Sachs believes Henry's new idea

will turn the rest of
Wall Street against them.

Goldman stock
options for employees

are not only a first for
a major American company.

It's a direct challenge
to the approach

many major firms take.

But since Henry has
yet to make a bad bet,

Sachs has no choice
but to fall in line.

While Henry moves
forward with his plan,

an event 3000 miles away is
about to change everything.

On June 28th, 1914,

an assassin kills the
archduke of Austria,

igniting a deadly conflict
that quickly escalates

into the first world war.

Filled with a patriotic
sense of urgency,

Europe takes sides.

With Great Britain
joining Russia and France,

they become known as the Allies,

aligned against the
central powers of Germany,

Austria, and Italy, while
the US remains neutral.

As the war develops,

Samuel Sachs seizes
the opportunity

to step out of Henry
Goldman's shadow.

He crosses the Atlantic.

And meets with
Alexander Kleinwort,

head of the prestigious
British Bank,

Kleinwort Sons and Company.

Samuel has worked with
Kleinwort for years

using the bank to secure
British investments.

But now Sachs has
something to offer,

financing for the
British war effort.

- I don't understand
why invade Belgium,

if they knew it was going to
inspire England to declare war.

Because they wanted us
to declare war, Samuel,

because they believe
they can defeat us.

Because they don't just want
to control the continent,

they want to control Great
Britain, and then watch out.

They'll come for you.

- But they can't
defeat you, can they?

- No, of course not.

But it'll be a long war, a
bloody war, an expensive war.

Only wish your president
was willing to take a side.

- Alexander, you know me,

regardless of our
country's stance,

Great Britain has
my full support.

- And Henry feels the same way?

- You can be assured I speak
for everyone at my firm.

- Good.

Drink?

- Please.

- The
meeting is a success.

The two men agreed to partner

and Sachs opens an
office in London.

With England having
declared war on Germany,

Sachs has positioned the firm

to make millions by
financing the war effort.

If the British turned
to Goldman Sachs,

Samuel will have landed a deal

bigger than any Henry ever has.

As Germany invades France,

the war falls into
a deadly standoff.

In America, it becomes
a polarizing conflict.

Many Americans support
President Wilson's call

for US neutrality, but the
majority support the British.

For German Americans,

who make up the country's
largest immigrant group,

the pressure to support
the Allies is immense.

But some in the German
American community resist,

outspoken in their support
of their ancestral homeland,

believing Germany has
nothing to apologize for.

And one of the most
outspoken is Henry Goldman.

- Be reasonable.

- I am.

Is it unreasonable to support
the country of our parents

birth in a war, not
of their own making?

Did they fire the first shot?

No.

They defended an ally, as
did Russia, as did France,

and now Germany must
defend themselves.

This is war.

As Nietzsche says, "Terribleness
as part of greatness,

"let us not deceive ourselves."

- Henry Goldman spent much
of his youth in Germany,

loved German culture and had
a real affinity for Germany.

He was a Germanophile.

He believed that England

and France were really trying
very hard to create the war,

to prevent Germany from
developing and growing.

- German Americans,
and as bankers,

we need to stand with them,

not just with our
words, with our wallets.

- Goldman's
supportive Germany

shocks those close to him.

When Samuel Sachs
hears that Henry

has taken such a public
stance against the Allies.

He's furious.

If Henry doesn't
support the Allies,

Sachs' partnership
with Kleinwort in
London is in jeopardy,

along with millions
of dollars in profits.

- Meyer, let's
check the mail room

for delivery from
the Union Pacific,

I'm expecting an
updated inventory

of the rolling stock today.

- But Henry
Goldman is not alone

in his support of Germany.

He stands with a
man who has become

the most powerful
banker on Wall Street,

German born, Jacob Schiff.

Since battling with JP Morgan

over the transcontinental
railroad,

he's only grown his firm,

maintaining its status as the
premier Jewish investment bank

on Wall Street, in
the absence of JP,

Schiff has become
the most respected

and feared banker in the world.

This allows him to
support Germany,

though, it doesn't
make him popular.

With hopes of maintaining
the peace between bankers,

Schiff has scheduled a
meeting with Jack Morgan,

to discuss Wall Street's
stance in the war.

- Just beginning to
think I misunderstood

our appointed meeting time.

- Sorry if I was a little late.

- But when
Germany crosses a line

and spills American blood,
it makes talk impossible.

- My God.

- They're killing Americans,
over a hundred women, children.

- You're not suggesting
I condone this?

- As an American, you
should condemn it.

- Of course I do.

But this isn't America's war.

- It's only a matter
of time, Jacob.

- At which point I will
support my country.

- Because of this
conflict that Schiff had

with his own internal
identity as a German,

he was seen with
suspicion by everybody,

they all thought he wasn't
doing enough for them

because he was doing
more for the other side.

- On May 7th, 1915,

the British luxury
steamship, Lusitania,

is torpedoed off the
coast of Ireland,

killing 1,195 people,
including 128 Americans.

- Germany heard
that the Lusitania

was carrying war material
from New York to Britain,

and they warned people
to stay off Lusitania,

because it's a ship of war.

If you don't get,
we're not responsible.

- The attack
shocks the American public,

who begin to demand
America enter the war,

but lobbied by
Schiff and Goldman,

President Wilson
remains neutral.

And without someone
like JP Morgan

to march Wall
Street behind them,

the Allies are in desperate
need of financing.

- England had always
financed its wars internally.

During the first world war,

they'd shift from
London to New York

to provide finance
to the Allies,

because now the United
States had enough capital.

- Led by
Britain's Lord chief justice,

Lord Rufus Redding, the
Allies come to New York,

hoping to land the
largest loan in history.

Today, over $26 billion.

For a loan of such
unprecedented size,

there's no guarantee
Wall Street will deliver.

And without
additional resources,

Great Britain and the Allies
are doomed to lose the war.

It is assumed that
Redding and the commission

will be reaching out
to the Wall Street firm

with the deepest
longest ties to England,

the House of Morgan.

But after the
passing of JP Morgan,

they are no longer considered

the leading bank on Wall Street.

Jack Morgan views the loan as
a chance to make his own name

and put the House of
Morgan back on top.

So it's a huge blow,

when he's passed over
for a competing firm.

- We realized that an
amount of this magnitude

will be difficult to raise.

- But it can be done,
I have no doubt.

- This is why he
came to you first.

- Schiff was ambitious,
he had connections

for whom he had made
incredible amounts of money.

His company Kuhn Loeb
had incredible power.

- The only pressing
question I would have is,

where would the money be going?

I'll be blunt.

Any loan I organized for you

must not include a
single penny for Russia.

- You can't be serious.

Russia is our ally.

- And they are my enemy.

This is a matter between
me and my conscience,

certainly you
understand my position?

- Schiff was split three
ways, he was a German,

he was an American,
and he was a Jew.

In Russia, there
were terrible pogroms

and government's
support of antisemitism.

And he had spent
his whole career

working against
any kind of finance

from any source for Russia.

- Jacob, with all due respect,

we're at war and
eventually your government,

your country will choose a side.

- I have chosen mine.

- Schiff passes on
the biggest loan in history

because of his beliefs,

a move that will
cost him personally

and could threaten to
destroy his entire firm.

- He couldn't support the
Allies because in his mind

that was supporting
Russian antisemitism.

He was very confident that
he was living a just life,

Schiff wasn't just
about the money.

- As Jacob
Schiff walks away

from the biggest
deal of his life,

it will now be up to Jack Morgan

to prove to everyone on Wall
Street he has what it takes.

Not being the Allies' first
choice is a blow to his pride,

but Jack refuses to
let it get in the way.

He knows the future
of United Kingdom

and the countless
lives are at risk

if the British don't
return with financing.

- He used to buy them
by the thousands,

his favorite Cuban of them all,

he used to call them
Hercules' clubs.

Most men can't handle
them, myself included.

- My father always
smoked a pipe.

- Now to the loan,

I hear people are
throwing around 1 billion,

but it's a reach, you
simply don't have the time.

But I can get you 500 million,

and before you go anywhere else,

you should know, I'm
the only one who can.

- Jack Morgan secures
his first major contract

since his father's death,

providing the biggest
loan in history

for the first world war.

- The loan totaled more
than half a billion dollars,

which was larger
than the economy

of many other
societies at that time.

So he needed the money

of bankers all around
the United States.

- Jack Morgan
now faces a huge challenge,

he must secure the funding.

He goes to every major
bank on Wall Street,

each one contributing capital.

But when he gets to Goldman
Sachs, he encounters a problem.

- Jack, could you give
us just a moment, please?

- Of course.

- You are going to be
the death of this firm.

- What did you expect me to say?

You know where I stand.

- Everyone on the street is
lining up to be in on this loan.

- It doesn't make it right.

- Henry,
you are an American.

- And?

America is neutral,
I however am not.

You can't pass up
this opportunity.

- I'm also a partner
in this firm.

My vote is no.

Jack.

- Henry
Goldman's refusal

to participate in the loan,

put Samuel Sachs in
an impossible position

and threatens to take
down the entire firm.

- So you
know where I stand.

- Samuel Sachs was really
upset with Henry Goldman

when he refused to
allow Goldman Sachs

to have anything to do with
funding the war against Germany.

And it pushed Samuel Sachs

to contribute a hundred thousand
dollars of his own money

to show that he was
a loyal American.

- Jack Morgan
successfully raises

the 500 million for
the loan and more,

but he doesn't stop there.

He sees the chance to
make even more money

through the war effort,

determined to rise
to the occasion,

Jack gets President
Wilson's blessing

to set up a Morgan
run, Office of Export,

coordinating the
massive amounts of food,

supplies and arms
sold to the Allies.

- Is Office of Export,
encouraged American producers

to sell their products to
the British and the French,

and it boosts the value of
his investments at home.

- By
contracting with companies

where they have a
controlling interest,

like US Steel and General
Electric, he gets paid twice.

- The British and the French
received half a billion dollars

and that money was used
to buy American products.

So he was making money on
all sides of these deals.

- The first world
war places a new banker

at the forefront of
American finance,

leaving no doubt that Jack

has what it takes to
lead the House of Morgan.

- Jack Morgan's
role in World War I,

made him the most respected,

highly regarded famous
banker in the world.

Jack Morgan and his
colleagues profited enormously

from the war because he
was loaning out the cash,

and then the cash was being used

to purchase things
from the companies

that he had invested in.

- While the House
of Morgan sees profits,

many in the public see
it as war profiteering,

and they're willing to see
that he pays a price for it.

- Calm down.

Everything will be fine.

Just put the gun down.

I'll pay you whatever
money you need.

Hey.

- Jack is shot, but survives.

The would be
assassin is arrested,

and the attack on the Morgan
family becomes front page news.

Jack returns to work soon
after, hailed as a hero.

With the attack on him
renewing calls for the US

to officially declare war.

- Erich Muenter,

the man who tried to
assassinate Jack Morgan

was or associated with Germany

and that contributed to
anti-German sentiment,

which helped those who wanted
to see the United States

take a stronger stand
for Britain and France.

- And
while President Wilson

maintains American neutrality,

soon, Germany leaves
him no choice.

With the Germans
instituting unrestricted

naval warfare in 1917,

American merchant ships are
sunk by German submarines.

And on April 6th, 1917, the
United States declares war.

As the nation
prepares for battle,

supporting Germany is
tantamount to treason.

For Jacob's Schiff, his
conscientious refusal

to participate in the loan

has a devastating
effect on Kuhn Loeb.

But his firm will survive

as he steps away from the
helm and the public eye.

- It was in a sense, the last
stand of those who opposed

in the banking community,
the United States providing

this kind of financial
support to Britain and France,

which would become normal for
the United States thereafter.

The majority of
bankers went along

and very few spoke
out against it.

- Although
almost forgotten,

Jacob's Schiff's legacy endures.

He went head to
head with JP Morgan

and built one of the largest
investment banks in the world.

- Jacob Schiff's legacy
is very complicated,

Nobody really recognizes

or remembers some of the
big financing that he did.

In fact, today he's thought
of more as a philanthropist.

- He made
massive contributions

to the American Red Cross,

the Tuskegee Institute
and countless others.

- And it's that has
really survived through
the generations,

the institutions that
he financed, that
he contributed to,

he didn't see it as charity,
he saw it is justice.

And this is a Jewish concept,

a Jewish value that
really drove who he was,

to see justice in
the world around him.

- But as Jacob
Schiff fades from sight,

the strife at Goldman Sachs

threatens to spill
into the public eye.

Samuel Sachs uncovers Henry
Goldman secret correspondence

into legal dealings
with German banks.

He knows it will destroy the
firm unless Henry resigns,

but Henry Goldman
refuses to go quietly.

- I always knew
this day would come,

I prayed it wouldn't, Henry,
but deep down, I always knew.

- I don't know what
you want me to say.

- What I want you
to say, good God.

- Is it true?

- I think you already know
the answer to that, as do you,

this entire interrogation
is a performance-

- My son is over there,

your nephew putting his life
on the line for his country

while you actively
work against it?

- I'm standing up for
what I believe in.

- It's always been about you,
Henry, and it always will be.

- To
avoid public disgrace

and the destruction of his firm,

Henry Goldman submits
his resignation.

- Henry Goldman's
position was so unpopular,

Phillip Lehman refused
to have anything more

to do with Henry Goldman.

The result was that Goldman
Sachs face the possibility

that nobody would do
business with them.

And so the rest of the
Sachs' and even his brother

forced Henry Goldman to
resign from the company.

- After years
of internal conflict,

it took the strain
of war to break up

the firms namesake partners.

Soon after Goldman's departure,

World War I finally
comes to an end.

The Allies claim victory

with the help of Wall
Street's financing,

but with 20 million deaths
and over 20 million wounded,

it has been an unimaginably
bloody and devastating conflict.

One that has changed
the face of the world.

While London may have survived
the onslaught by the Germans,

it's comfort Wall Street.

For the first time in history,
New York overtakes London

as the center of
the financial world.

- During World War I, the US
government gets much bigger

and Wall Street becomes
as much bigger place

than it had been before the war.

- Those who
financed the victorious Allies

like Jack Morgan,
have taken their place

leading Wall Street into
an American century.

Those who didn't,

must fight to repair their
firm's damaged reputations.

The years following
the first world war

radically change
America's relationship

with its financial center.

A technological boom
creates new industries,

automobiles, film, radio,
electronics, and aviation.

All of which are publicly traded

on the New York Stock Exchange.

- So we look at the '20s

as this great post-World
War I boom time.

We start building skyscrapers
and our railroads increase.

And now the automobile is
really been mass marketed

by Henry Ford in
the United States.

So the very word
modernity meant America.

- Because of these
new technologies,

participation in the
stock market explodes.

And Wall Street ushers
in the roaring '20s.

- What happened in Wall
Street in the 1870s and '80s,

was just a Wall Street affair,

but Wall Street in the 1920s
was an American affair.

And you could invest in
the market in New York

if you lived in Washington state

or in Idaho or anywhere,
and people did.

More and more Americans began

investing their money
directly into the market.

- The roaring '20
were a time period

when the old rules
don't apply anymore,

there are new technologies
that are pushing the economy,

creating all these new jobs

and new investment
opportunities.

- Reaching
peaks never before seen,

the booming market brings
a new breed of investor

looking to make a
fortune on Wall Street.

And one man arrives, hoping
to secure a job at the top

by meeting with Jack Morgan.

- Morning, Joseph P Kennedy
here to see Mr Morgan.

- Do you
have an appointment?

- You can just tell him

I recently left my position
at Hayden & Stone in Boston,

and I'm looking to
relocate in New York.

- Sir, there's a Mr Joseph
Kennedy here to speak with you.

I told him you're here.

- I realize that Mr
Morgan's a busy man.

Here, keep my card.

- Joe Kennedy
won't let the setback

discourage him, in fact,

it only plays into his
determination to succeed.

- Joseph Kennedy
was Boston born,

Boston raised, Irish Catholic
managed to go to Harvard.

- Joseph Kennedy was a climber
from the time he was 25

and a bank president.

- But
despite his pedigree

and success in
Boston, in New York,

he's learned an important lesson

about Wall Street's
unwritten rule.

- Joseph Kennedy came from
an Irish immigrant family

that many, including the
Morgans had looked down on

as rich as they were 'cause
he wasn't part of the club,

he wasn't one of them.

- There was a great
deal of prejudice

in the country against
Catholics at that time,

his Catholicism certainly was
not an asset on Wall Street.

- Joseph Kennedy was so
different from Jack Morgan,

the Morgans wanted to
make a lot of money,

but they didn't actually
wanna be in the public eye.

Joseph Kennedy, because he
had a chip on his shoulder

for being from this
ethnicity that was excluded,

he not only wanted to make
money, he wanted to be famous,

he wanted people to
know he had money.

- Turned away
by the House of Morgan.

Joe Kennedy jumps at
the first opportunity

to make his name on Wall Street,

a chance to save the
Yellow Cab Company.

John Hertz, the
founder of Yellow Cab,

and eventually the Hertz rental
car company has a problem.

Just days after taking
his company public,

the stock price is crashing,

and he needs
someone able to deal

with what is called
a bear attack.

- A bear attack,

this is when you use
the press to see rumors

of a company's
demise or problems

as a way of driving
down the stock price

that you can then
buy at a discount

because you know that
those rumors are false.

- Hertz
desperately turns to Kennedy,

who promises he knows
just what to do.

- I figured as long
as I was at the bar,

I'd get you a refill.

- Nothing wrong with a refill.

- So where were we?

- Look, I don't know
what Eddie's told you,

but Yellow Cab is
a good company,

it's a God solid company,
poured everything I had into it.

What these jackals are doing,
it's downright criminal.

- Actually, John, it's not.

It doesn't mean we
can't put a stop to it.

- And you can do that?

- Well, I'll pull every lever
I can to defend your company,

but it won't be cheap.

- Joe Kennedy
has won John Hertz's trust,

but what hurts know is
the man he just hired

to save his business
has never fought off

a so-called bear attack before.

- Risk tolerance is
a huge part of this,

if you really think
about what makes

these people successful,
is really having a stomach

for the risk that's involved,

you don't make money without
taking on great risks.

The question is, do you have
the stomach to ride it out?

- While Kennedy
comes up with a plan

to beat the unknown investors
behind the bear attack.

Another outsider is starting
with nothing but a new idea,

setting a course
that will eventually

transform Wall Street forever.

- See, we're a new brokerage,
but we're not a bucket shop.

We do business just
like
Widder or EA Pierce,

dealing in both equity and debt,

typically stocks and bonds
and some other securities too.

- Like Kennedy,

Charles Merrill was rejected

from the established
brokerages on Wall Street.

Unable to access customers
through the usual means,

he decides he doesn't
need anyone's permission

and sells directly
to them in person.

- Just look it over
when you have the time.

And when you wanna
make an order,

just come by the
office, we can chat.

See, that's how we're different.

All trades will be
executed next business day.

Welcome to Merrill Lynch.

- Charlie, from an early
age was an entrepreneur,

he had this flair for just
doing things differently.

He just had this ethical
strain in his body

that believed that you really
had to be an honest broker.

- At the time,
the leading Wall Street firms

refuse to go out and
find new business.

But Merrill worked hard
to find new clients

while sharing a room at the YMCA

with another young
banker, Edmund Lynch.

- So Charles Merrill was the
big idea guy, the visionary.

Edmund Lynch, he was more
the numbers crunching guy.

- The two form
a new firm, Merrill Lynch,

and start to build the
company from the ground up.

- Edmund Lynch question
some of Charles's ideas,

but the two of them
in their partnership

really made a dynamic duo.

- While Charles

and Edmund try to succeed
through honest, hard work.

Joe Kennedy has decided
on a different approach.

He sets up an improvised
stock trading operation

in a suite at the
Waldorf Astoria.

He has a plan to stop the
bear attack on Yellow Cab.

- Yes, Wall Street 451, please.

Yes, it's Kennedy.

Yes, sell 4,000 Shares at
3,708 through 50% margin.

- With $5
million raised by Hertz,

Kennedy has just enough to
raise the price of the stock,

but he can't make
just one big buy,

he must make it seem like
hundreds of investors

all over the country
believe in the company.

- Wall Street 451, please.

- When Joe Kennedy wanted to
pump up the value of the stock

or the price of the stock,

what he would do is, he would
get investors to start buying

and then to start to
trade with each other.

- Sell 400.

Yes, thank you.

- This generates a
buzz on Wall Street,

it also drives up the stock,

now with that buzz and
the price going up,

now you have other
investors jumping in,

further drives up the stock,

then you start to leak
news to friendly reporters

about what a great company it is

and then that further
drives up the stock.

- Buy 5,000, keep it going.

- Joe Kennedy was very good
at manipulating the press,

using rumors as a way of
altering the stock price.

- Listen, Frank, we're close,

we're close, but we
need to be patient.

- If Kennedy's
plan is discovered,

the $5 million will
have been wasted,

and his reputation destroyed.

- Joe Kennedy spent a week,

had several telephones
aggressively bought

and sold Yellow Cab Company.

- Yep, we're up three,
buy $10,000 worth now

and stay by your
phone, keep it going.

- Was that stock manipulation?

Yes.

Was it legal?

Yes.

- New York Vil 274, please.

John, you're looking
at the ticker?

You can just send my
check to the Waldorf,

you know where to find me.

I told you.

- Kennedy outmaneuvered
I suppose,

the big boys on Wall Street.

So he won, they lost.

- Thousands of
investors take the bait,

believing Kennedy buys

represent real
interest in the company

and buy the Yellow Cab stock,

it rises past its
original price,

giving Kennedy his first win

and making his name a real
player on Wall Street.

But more importantly, he's
learned a valuable lesson,

there's more money to be made
in manipulating the market.

- He could have rented a
much cheaper hotel room

and had just the same success,

but he always wanted to appear

that he was the master
of the universe.

- While Kennedy's
ambition soon makes him famous

for beating Wall
Street at its own game.

Charles Merrill and Edmund
Lynch have carved out a spot

among Wall Streets
leading firms,

doing things the honest way.

Their first big break is an
unlikely place, supermarkets.

- One of the most important
things Charlie Merrill did

was to underwrite supermarkets,

which was a new form of industry

that traditional
Wall Street houses

kind of shunned because
they just did the railroads

and the other traditional forms.

Charlie Merrill
thought supermarkets

were gonna take over the world.

And he underwrote
them and he was right.

- Like Goldman & Sachs,
they find success

where the rest of Wall
Street wasn't looking.

- You have to understand
Merrill's psychology,

as well as the general
ethos of the company.

It was doing your research,
finding out what was going on.

He had a way of
looking at the market

that was much more longterm.

He had a way of
looking at the market

that was much more in depth.

- After
a few short years,

Merrill Lynch have
gained the respect

of their fellow financiers
and made a fortune doing it.

But Merrill and
Kennedy are hardly

the only investors
making millions.

- When people see a good thing,

when people see somebody
making money on something,

they think that could be me too.

And so when people would see
the price go up in the 1920s,

they think, oh my gosh, okay,

you're gonna feel like a
fool if you don't do it.

- I think that when people
go towards Wall Street,

they're always
looking for that sense

of finding that next big thing,

finding that massive
amount of success.

- The 1920s was actually
the biggest boom

in the history of the
New York Stock Exchange,

it went up 425%,
became a frenzy.

- As the stock
market keeps breaking records,

not everyone is so enthusiastic.

- Charles Merrill,

he saw a lot of
the trouble brewing

with regards to
market valuations,

with regards to the
liquidity in the market.

- Over history, people do
believe that things are so good,

it will never change,

it's gonna go on forever
and rarely doesn't.

- William, cancel
my appointments.

- As the market
breaks record prices,

Merrill has its doubts
it can go much higher.

As he contemplates
getting out, Edmund Lynch

and everyone else on the street
think he's lost his mind.

- Merrill and began to be more

and more worried about
the stock market.

And he was so against
the grain at that point,

so many people thought
the sky's the limit,

that Merrill actually
went to a psychiatrist.

- No matter what I do, I can't
get a good night's sleep.

It's been months.

I don't really care that
it drives Ed up the wall,

but poor Helen, she,

she's happiest when I stay at
the office late these days.

Everyone around me
thinks I've lost my mind.

What do you think?

- Charles Merrill's looking
at it and he's doing the math,

he's like this doesn't
make any sense,

and it's going to
crash, he knows it.

And he doesn't understand
why no one else

is seeing this reality and
even questions his own sanity.

- In those days, a
Wall Street titan,

going to a psychiatrist,

I'm sure that nobody would have
admitted that they did that.

But again, Charlie
Merrill was different,

he was always bucking the crowd.

- Charles
Merrill is torn,

the more signs of a
coming collapse he sees,

the more Edmond
Lynch wants to invest

in the skyrocketing market.

But what they don't know
is that Merrill is right.

- My God.

- While
some panicked,

others make their
biggest moves yet.

- So what
are you proposing?

- An investment trust, unlike
Wall Street has ever seen.

- Given the market's
turbulence, action is required.

- Mr Morgan is closely
following the situation.

- Not trying to be greedy,
simply asking from a hunter.

- These numbers are terrifying.

- JC Penney's up two and a
quarter, Kresge's up four.

- You're missing the big picture

just because you
don't want to see it.

- Nobody believes it, but you.