Money of the Mind: Borrowing & Lending in America - from the Civil War to Michael Milken by James Grant, Paperback | Barnes & Noble
Money of the Mind: Borrowing & Lending in America - from the Civil War to Michael Milken

Money of the Mind: Borrowing & Lending in America - from the Civil War to Michael Milken

by James Grant
     
 

The 1980s witnessed a lemming-like rush into the sea of debt on the part of the American industrial and financial communities, with consequences we are only beginning to appreciate. But the speculative frenzy of the eighties didn't just happen. It was the culmination of a long cycle of slow relaxation of credit practices--the subject of James Grant's brilliant,

Overview

The 1980s witnessed a lemming-like rush into the sea of debt on the part of the American industrial and financial communities, with consequences we are only beginning to appreciate. But the speculative frenzy of the eighties didn't just happen. It was the culmination of a long cycle of slow relaxation of credit practices--the subject of James Grant's brilliant, clear-eyed history of American finance. Two long-running trends converged in the 1980s to create one of our greatest speculative booms: the democratization of credit and the socialization of risk. At the turn of the century, it was almost impossible for the average working person to get a loan. In the 1980s, it was almost impossible to refuse one. As the pace of lending grew, the government undertook to bear more and more of the creditors' risk--a pattern, begun in the Progressive era, which reached full flower in the "conservative" administration of Ronald Reagan. Based on original scholarship as well as firsthand observation, Grant's book puts our recent love affair with debt in an entirely fresh, often chilling, perspective. The result is required--and wickedly entertaining--reading for everyone who wants or needs to understand how the world really works.
"A brilliantly eccentric, kaleidoscopic tour of our credit lunacy. . . . A splendid, tooth-gnashing saga that should be savored for its ghoulish humor and passionately debated for its iconoclastic analysis. It is a fitting epitaph to the credit binge of the '80s."--Ron Chernow, The Wall Street Journal.

Editorial Reviews

Publishers Weekly - Publisher's Weekly
The author of Minding Mr. Market presents a formidable and funny history of financial credit and the American marketplace. (June)
Library Journal
The 1980s were the troubling culmination of two trends in American finance--ever easier access to credit and the subsidizing of risk by government. As he explores these trends, Grant, a former Barron's staff writer and editor of Grant's Interest Rate Observer , weaves in personal histories of influential financiers, financial markets, and institutions. He places a great deal of emphasis on psychological phenomena--the emotional waves of optimism and pessimism that roll credit markets. Although the stories are well told, there are often too many details and not enough perspective and analysis. Recommended for libraries wishing extensive collections in finance.-- Richard C. Schiming, Mankato State Univ., Minn.

Product Details

ISBN-13:
9780374524012
Publisher:
Farrar, Straus and Giroux
Publication date:
05/28/1994
Edition description:
Reprint
Pages:
528
Product dimensions:
6.02(w) x 9.02(h) x 1.30(d)

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