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The dead pledge : the origins of the mortgage market and federal bailouts, 1913-1939 Judge Glock.

By: Glock, Judge [author.]Material type: Text

TextSeries: Columbia studies in the history of U.S. capitalismPublisher: New York : Columbia University Press, 2021Description: 289pContent type: text Media type: computer Carrier type: online resourceISBN: 9780231549851Subject(s): Mortgages -- United States -- History -- 20th century | Farm mortgages -- United States -- History -- 20th century | Mortgage banks -- United States -- History -- 20th century | Bailouts (Government policy) -- United States -- History -- 20th century | Loans -- United States -- Government guaranty -- History -- 20th century | United States -- Economic policyAdditional physical formats: Print version:: The dead pledgeDDC classification: 332.72097309043 LOC classification: HG2040.5.U5

Contents:

Introduction -- Making the Land Liquid: The Roots of Land Banking -- The Special Privileges of the Federal Banks -- The Federal Land Banks and Financial Distress, 1916- -- Falling Prices and Mortgage Crisis, 1926- -- Herbert Hoover and the Urban Mortgage Crisis in the Great Depression -- A New Deal for Farm Mortgages -- Housing, Heavy Industry, and the Forgotten New Deal Banking Act -- An Economy Balanced by Mortgages -- Conclusion.

Summary: "Bailouts and a Balanced Economy: A New History of the American State, 1913-1939 shows that the kinds of bailouts that inspired such popular fury during the 2008 financial crisis emerged from a long history of government support for the financial sector, most especially for banks making mortgages. Glock argues that a central goal of the American government in the early 20th century, from the Progressive Era through the New Deal, was to encourage new and riskier types of bank loans through government guarantees. He shows that the Great Depression led the government to act on its earliest promises and provide billions of dollars of bailouts to insolvent banks, even while it extended support to an ever greater proportion of banks and financiers. The book thus argues that the most significant and extensive government safety net that emerged from the first half of the twentieth century was the safety net protecting banks and lenders, especially those making long-term mortgages. The recent bailouts were only the culmination of these earlier reforms. The book explains that these government guarantees emerged from the combination of a new ideology and a new alliance of interest groups. The ideology declared it the duty of the government ensure a "balanced economy" between all productive sectors. In this conception, the government needed to act as a sort of fulcrum, bolstering any economic sector, such as agriculture, that fell behind. Without focused financial support for these sectors, the ideology argued, the economy risked falling "out of balance," or into "unbalanced growth," which could end in depression or disaster. Throughout the book, Glock shows how recovering this concept can help us make sense of the decisions and actions of policy makers during this crucial time"-- Provided by publisher.

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Item type	Current location	Home library	Shelving location	Call number	Status	Date due	Barcode	Item holds
Reference	Central Library (CL)	Central Library (CL)	Lincoln Corner	332.72097309043 GLO (Browse shelf)	Not for loan		LC-407

Total holds: 0

Includes bibliographical references and index.

"Bailouts and a Balanced Economy: A New History of the American State, 1913-1939 shows that the kinds of bailouts that inspired such popular fury during the 2008 financial crisis emerged from a long history of government support for the financial sector, most especially for banks making mortgages. Glock argues that a central goal of the American government in the early 20th century, from the Progressive Era through the New Deal, was to encourage new and riskier types of bank loans through government guarantees. He shows that the Great Depression led the government to act on its earliest promises and provide billions of dollars of bailouts to insolvent banks, even while it extended support to an ever greater proportion of banks and financiers. The book thus argues that the most significant and extensive government safety net that emerged from the first half of the twentieth century was the safety net protecting banks and lenders, especially those making long-term mortgages. The recent bailouts were only the culmination of these earlier reforms. The book explains that these government guarantees emerged from the combination of a new ideology and a new alliance of interest groups. The ideology declared it the duty of the government ensure a "balanced economy" between all productive sectors. In this conception, the government needed to act as a sort of fulcrum, bolstering any economic sector, such as agriculture, that fell behind. Without focused financial support for these sectors, the ideology argued, the economy risked falling "out of balance," or into "unbalanced growth," which could end in depression or disaster. Throughout the book, Glock shows how recovering this concept can help us make sense of the decisions and actions of policy makers during this crucial time"-- Provided by publisher.

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