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200 Years of American Financial Panics: Crashes, Recessions, Depressions, and the Technology That Will Change It All
Hardcover
EconomicsGeneral Political ScienceGeneral United States History
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ISBN10: 1633886700
ISBN13: 9781633886704
Publisher: Prometheus Books
Published: May 15 2021
Pages: 460
Weight: 1.80
Height: 1.70 Width: 6.00 Depth: 9.10
Language: English
ISBN13: 9781633886704
Publisher: Prometheus Books
Published: May 15 2021
Pages: 460
Weight: 1.80
Height: 1.70 Width: 6.00 Depth: 9.10
Language: English
From 1819 to COVID-19, 200 Years of American Financial Panics offers a comprehensive historical account of financial panics in America. Through a meticulous dissection of historical events and the benefit of his experience handling many of the country's largest bank failures, Thomas P. Vartanian reveals why so many more devastating financial crises have occurred in America than nearly every other country in the world. Vartanian provides extensive evidence of how the collision of policy-driven government actions and profit-oriented business performance have disrupted market equilibrium and made the U.S. system of financial oversight less effective and more susceptible to missing the signs of future financial crises, including policies that:
- imposed tariffs and chartered dozens of poorly regulated, uncapitalized state banks that facilitated panics in the 19th century;
- created ambivalence over whether gold, silver or paper money should be the preeminent form of payment, creating the perfect conditions for the depression of 1893;
- kept interest rates low to assist the central banks in England, Germany and France, allowing an overheated U.S. stock market to shift into overdrive and crash in 1929;
- planted the seeds of the S&L crisis more than twenty years before when Congress imposed artificial limits on deposit interest rates and the states capped mortgage interest rates to increase homeownership;
- pressured banks in the 1990's to increase mortgage lending to increase home ownership while the Fed engaged in loose monetary policies, adding fuel to the greatest economic crisis since the Great Depression.
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