Money of the Mind: How the 1980s Got That Way

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Macmillan, 1994 - Business & Economics - 528 pages
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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.


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MONEY OF THE MIND: Borrowing and Lending in America from the Civil War to Michael Milken

User Review  - Jane Doe - Kirkus

To Grant, ``money of the mind'' is credit, and here he offers an entertaining as well as instructive chronicle of its near- ruinous emergence in the US. As the author of Bernard M. Baruch (1983) and ... Read full review

Money of the mind: borrowing and lending in America from the Civil War to Michael Milken

User Review  - Not Available - Book Verdict

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 ... Read full review


Gloomy Sewell
Mr Bakers Bank
The Timid Bank
Democratizing Credit
Banking on Confidence
Loans for Nearly Everyone
The Welfare State of Credit
Its a Wonderful World
Crooked Banker Found Hanged
Wild and Woolly
End of the Line
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False Alarms

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Spatial Formations
Nigel Thrift
No preview available - 1996
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About the author (1994)

JAMES L. GRANT is President of JLG Research, a company specializing in economic profit research, and a member of the finance faculty at Baruch College of the City University of New York. He has published several articles in investment journals including the Journal of Portfolio Management and the Journal of Investing. Dr. Grant is also the coauthor of Focus on Value: A Corporate and Investor Guide to Wealth Creation, and coauthor and coeditor respectively of Equity Portfolio Management and Value-Based Metrics: Foundations and Practice, all from Wiley. He holds a PhD in business from the University of Chicago's Graduate School of Business.

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