The Panic of 1907 without JP Morgan at the helm

How would the crisis have played out if Morgan died immediately before the severity of the economic situation, leaving everyone in power to his own devices? Is there the potential for an earlier version of the Great Depression if this were to occur? I'm asking because I'm really ignorant of economic stuff and it'd be great to see what more knowledgeable people will say on the matter.
 
Okay, let's broaden discussion to the general effects of an unmitigated Panic of 1907, if JP Morgan's involvement is a little too specific.
 
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