A Nation of Deadbeats: An Uncommon History of America's Financial Disasters

A Nation of Deadbeats: An Uncommon History of America's Financial Disasters

Scott Reynolds Nelson


Pundits will argue that the 2008 monetary trouble used to be the 1st crash in American heritage pushed via shopper debt. yet during this lively, hugely attractive account, Scott Reynolds Nelson demonstrates that shopper debt has underpinned nearly each significant monetary panic within the nation’s historical past. From William Duer’s makes an attempt to benefit off the country’s post-Revolutionary struggle debt to an 1815 plan to promote English coats to american citizens on credits, to the debt-fueled railroad growth that brought about the 1857 crash: in each one case, the chain of banks, agents, moneylenders, and insurance firms that separated debtors and creditors made it most unlikely to tell apart strong loans from undesirable. certain up during this heritage are tales of nationwide banks funded via smugglers, fistfights in Congress over the greatest, America’s early dependence on British bankers, and the way presidential campaigns have been cast in controversies over deepest debt. An irreverent, thoroughly available, eye-opening book.

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