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The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913–1939 (Columbia Studies in the History of U.S. Capitalism) Kindle Edition
The American government today supports a financial system based on mortgage lending, and it often bails out the financial institutions making these mortgages. The Dead Pledge reveals the surprising origins of American mortgages and American bailouts in policies dating back to the early twentieth century.
Judge Glock shows that the federal government began subsidizing mortgages in order to help lagging sectors of the economy, such as farming and construction. In order to encourage mortgage lending, the government also extended unprecedented assistance to banks. During the Great Depression, the federal government made new mortgage lending and bank bailouts the centerpiece of its recovery program. Both the Herbert Hoover and Franklin Roosevelt administrations created semipublic financial institutions, such as Fannie Mae, to provide cheap, tradable mortgages, and they extended guarantees to more banks and financiers. Ultimately, Glock argues, the desire to protect the financial system took precedence over the desire to help lagging parts of the economy, and the government became ever more tied into the financial world.
The Dead Pledge recasts twentieth-century economic, financial, and political history and demonstrates why the greatest “safety net” created in this era was the one supporting finance.
- LanguageEnglish
- PublisherColumbia University Press
- Publication dateApril 6, 2021
- File size21959 KB
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Editorial Reviews
Review
Judge Glock's fascinating book, The Dead Pledge, provides a new perspective on the evolution of American capitalism and the development of modern financial institutions by exploring the intriguing theme of "economic balance" and its allure to a wide range of economic actors, academics, and policy makers from the Progressive Era through the New Deal. -- Walter Friedman, author of American Business History: A Very Short Introduction and Fortune Tellers: America's First Economic Forecasters
From one of the finest in a growing generation of historians writing at the intersection of finance and politics, we learn about the passions and the interests of financiers, politicians, intellectuals, reformers, and farmers who created the system of government-backed finance that has dominated the modern era. The Dead Pledge provides a new history that will guide our ongoing debates about the appropriate role of government in finance and finance in society. -- Peter Conti-Brown, author of The Power and Independence of the Federal Reserve
In this sweeping narrative, Glock brings together the histories of American finance, economic thought, and policy making. Glock reframes our conventional understanding of when and how the “financialization” of American capitalism took place, defining it as an early twentieth-century phenomenon. The modern mortgage market, he explains with lucid prose, developed in tandem with―and inseparably from―the modern American state. An engaging read, sure to provoke debate. -- Laura Phillips Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890-1940
About the Author
Product details
- ASIN : B08K3V6VQL
- Publisher : Columbia University Press (April 6, 2021)
- Publication date : April 6, 2021
- Language : English
- File size : 21959 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 294 pages
- Best Sellers Rank: #1,364,718 in Kindle Store (See Top 100 in Kindle Store)
- #508 in Banks & Banking (Kindle Store)
- #1,181 in Economic History (Kindle Store)
- #1,525 in Banks & Banking (Books)
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Ok.. This is going to sound really weird but I'm giving this book 5 Stars although it's one of the most difficult uneasy reads I ever picked up. Well, it's not that bad but it's very bad. It literally took me 2 weeks to get through the Introduction. I had to force myself to get through it.
BUT...
Once you do force yourself you will realize this book is loaded with great information. It takes focus to read & digest it with how the material is written. My goal was to learn more about the Mortgage market and how it was created. This book does that but it's written exactly like a textbook thesis authored by Stephen Hawkins.
But if you're patient enough and have enough focus you will learn about the US Mortgage system, Gov't Bailouts and how it was never intended to become what we see now. Thanks to the "Reform Age" the first 30-35 years of the 20th century reform was written by Politicians who were also in bed with Banks. Their idea was that Gov't purpose was to maintain balance amongst the economic sectors of the country. When one industry was failing it was the Gov't job to jump in and help it gain ground again. That sounds all fine and dandy but you now have to take into consideration corruption. Whenever trouble reared it's head it was the Gov't that flew in and put a band aid on everything. But in this case, the Gov't idea was to "help" the farmers, lumberers, builders, banks, and ultimately themselves. They did this by providing guarantees to Banks to provide mortgages to farmers and those in need of housing. Albeit Banks hated dealing with mortgages. They loathed it. Most of their products at the time were quick loan types or loans that helped farmers get through a season with equipment or cattle. Nothing long term at all. But thanks to the United States and their guaranteed backing of these "Decade long "Mortgages" it all of a sudden became their best and most profitable Loan product. It's funny to see that at the turn of the century mortgages were only $65-85 bucks.. Picture that...
It was amazing how the Great Depression and FDR's New Deal spawned tons of Gov't agencies that seem to be strongholds in American society today and it all stemmed from the Politicians need to for Gov't to interject themselves into this Capitalist economy.
The book has a lot of great info, but it is NOT an easy read in the slightest. I put this book down MANY times and started a new book. I forced myself to get through 80% of it and that was a challenge. |
Pros
Very well researched
Tons of info
Cons
After reading a few pages you will want to put this book down. It was not an easy read.
It did NOT have to be written like this. Just disseminate the info and we'll be happy.