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by Scott Reynolds Nelson (Author)
Pundits will argue that the 2008 financial crisis was the first crash in American history driven by consumer debt. But in this spirited, highly engaging account, Scott Reynolds Nelson demonstrates that consumer debt has underpinned almost every major financial panic in the nation's history. From William Duer's attempts to profit off the country's post-Revolutionary War debt to an 1815 plan to sell English coats to Americans on credit, to the debt-fueled railroad expansion that precipitated the 1857 crash: in each case, the chain of banks, brokers, moneylenders, and insurance companies that separated borrowers and lenders made it impossible to distinguish good loans from bad. Bound up in this history are stories of national banks funded by smugglers, fistfights in Congress over the gold standard, America's early dependence on British bankers, and how presidential campaigns were forged in controversies over private debt. An irreverent, wholly accessible, eye-opening book.
Author Biography
Scott Reynolds Nelson is the author of, among other works, Steel Drivin' Man: John Henry, the Untold Story of an American Legend, which won the National Award for Arts Writing, the Anisfield-Wolf Book Award, the Merle Curti Award for best book in American social history, and the Library of Virginia Literary Award for nonfiction. His related book for young adults, Ain't Nothing But a Man (coauthored with Marc Aronson), received the Jane Addams Prize for the best book on social justice, as well as numerous other awards. Nelson is the Leslie and Naomi Legum Professor of History at the College of William and Mary.
