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Author: Sarah L. Quinn
Publisher: Princeton University Press
ISBN: 0691185611
Category : Political Science
Languages : en
Pages : 310
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Book Description
How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.
Author: Sarah L. Quinn
Publisher: Princeton University Press
ISBN: 0691185611
Category : Political Science
Languages : en
Pages : 310
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Book Description
How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.
Author: Destin Jenkins
Publisher: University of Chicago Press
ISBN: 022672168X
Category : History
Languages : en
Pages : 318
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Book Description
Indebtedness, like inequality, has become a ubiquitous condition in the United States. Yet few have probed American cities’ dependence on municipal debt or how the terms of municipal finance structure racial privileges, entrench spatial neglect, elide democratic input, and distribute wealth and power. In this passionate and deeply researched book, Destin Jenkins shows in vivid detail how, beyond the borrowing decisions of American cities and beneath their quotidian infrastructure, there lurks a world of politics and finance that is rarely seen, let alone understood. Focusing on San Francisco, The Bonds of Inequality offers a singular view of the postwar city, one where the dynamics that drove its creation encompassed not only local politicians but also banks, credit rating firms, insurance companies, and the national municipal bond market. Moving between the local and the national, The Bonds of Inequality uncovers how racial inequalities in San Francisco were intrinsically tied to municipal finance arrangements and how these arrangements were central in determining the distribution of resources in the city. By homing in on financing and its imperatives, Jenkins boldly rewrites the history of modern American cities, revealing the hidden strings that bind debt and power, race and inequity, democracy and capitalism.
Author: David K. Thomson
Publisher: UNC Press Books
ISBN: 1469666626
Category : History
Languages : en
Pages : 289
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Book Description
How does one package and sell confidence in the stability of a nation riven by civil strife? This was the question that loomed before the Philadelphia financial house of Jay Cooke & Company,&8239;entrusted&8239;by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War.&8239;How the government and its agents marketed these bonds revealed a version of the war the public was willing to buy and buy into, based not just in the full faith and credit of the United States but also in the success of its armies and its long-term vision for open markets. From Maine to California, and in foreign halls of power and economic influence,&8239;thousands of agents were deployed to&8239;sell&8239;a clear message: Union victory was unleashing the American economy itself. This fascinating work of&8239;financial and political history&8239;during&8239;the Civil War&8239;era&8239;shows&8239;how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success. Indeed, David K. Thomson demonstrates how Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War.&8239;
Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 20
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Book Description
Author: Glenn Yago
Publisher: Oxford University Press
ISBN: 9780198034032
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.
Author: Mark Fainaru-Wada
Publisher: Penguin
ISBN: 110121676X
Category : Sports & Recreation
Languages : en
Pages : 535
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Book Description
In the summer of 1998 two of baseball leading sluggers, Mark McGwire and Sammy Sosa, embarked on a race to break Babe Ruth’s single season home run record. The nation was transfixed as Sosa went on to hit 66 home runs, and McGwire 70. Three years later, San Francisco Giants All-Star Barry Bonds surpassed McGwire by 3 home runs in the midst of what was perhaps the greatest offensive display in baseball history. Over the next three seasons, as Bonds regularly launched mammoth shots into the San Francisco Bay, baseball players across the country were hitting home runs at unprecedented rates. For years there had been rumors that perhaps some of these players owed their success to steroids. But crowd pleasing homers were big business, and sportswriters, fans, and officials alike simply turned a blind eye. Then, in December of 2004, after more than a year of investigation, San Francisco Chronicle reporters Mark Fainaru-Wada and Lance Williams broke the story that in a federal investigation of a nutritional supplement company called BALCO, Yankees slugger Jason Giambi had admitted taking steroids. Barry Bonds was also implicated. Immediately the issue of steroids became front page news. The revelations led to Congressional hearings on baseball’s drug problems and continued to drive the effort to purge the U.S. Olympic movement of drug cheats. Now Fainaru-Wada and Williams expose for the first time the secrets of the BALCO investigation that has turned the sports world upside down. Game of Shadows: Barry Bonds, BALCO, and the Steroid Scandal That Rocked Professional by award-winning investigative journalists Mark Fainaru-Wada and Lance Williams, is a riveting narrative about the biggest doping scandal in the history of sports, and how baseball’s home run king, Barry Bonds of the San Francisco Giants, came to use steroids. Drawing on more than two years of reporting, including interviews with hundreds of people, and exclusive access to secret grand jury testimony, confidential documents, audio recordings, and more, the authors provide, for the first time, a definitive account of the shocking steroids scandal that made headlines across the country. The book traces the career of Victor Conte, founder of the BALCO laboratory, an egomaniacal former rock musician and self-proclaimed nutritionist, who set out to corrupt sports by providing athletes with “designer” steroids that would be undetectable on “state-of-the-art” doping tests. Conte gave the undetectable drugs to 28 of the world’s greatest athletes—Olympians, NFL players and baseball stars, Bonds chief among them. A separate narrative thread details the steroids use of Bonds, an immensely talented, moody player who turned to performance-enhancing drugs after Mark McGwire of the St. Louis Cardinals set a new home run record in 1998. Through his personal trainer, Bonds gained access to BALCO drugs. All of the great athletes who visited BALCO benefited tremendously—Bonds broke McGwire’s record—but many had their careers disrupted after federal investigators raided BALCO and indicted Conte. The authors trace the course of the probe, and the baffling decision of federal prosecutors to protect the elite athletes who were involved. Highlights of Game of Shadows include: Barry Bonds A look at how Bonds was driven to use performance-enhancing drugs in part by jealousy over Mark McGwire’s record-breaking 1998 season. It was shortly thereafter that Bonds—who had never used anything more performance enhancing than a protein shake from the health food store—first began using steroids. How Bonds’s weight trainer, steroid dealer Greg Anderson, arranged to meet Victor Conte before the 2001 baseball season with...
Author:
Publisher:
ISBN:
Category : Savings bonds
Languages : en
Pages : 2
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Book Description
Author: Steven Travers
Publisher: Simon and Schuster
ISBN: 1613215258
Category : Biography & Autobiography
Languages : en
Pages : 360
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Book Description
Barry Bonds: Baseball Superman is the biography of the game's first four-time Most Valuable Player. In 2001, Bonds broke the greatest record in sports, the all-time single-season home run record held over the years by Babe Ruth, Roger Maris and Mark McGwire, and arguably had the greatest season in baseball history. There is no doubt that for most fans, Barry Bonds is a man of mystery. Author Steven Travers documents the superstar's 2001 campaign as Bonds defied the very bounds of conventional logic and perfected the art of long-ball hitting. Travers also describes Bonds's childhood in Riverside, California, the hometown of his father, Bobby; his successful high school career in the Bay Area, and his All-American career at Arizona State. Skyhorse Publishing, along with our Arcade, Good Books, Sports Publishing, and Yucca imprints, is proud to publish a broad range of biographies, autobiographies, and memoirs. Our list includes biographies on well-known historical figures like Benjamin Franklin, Nelson Mandela, and Alexander Graham Bell, as well as villains from history, such as Heinrich Himmler, John Wayne Gacy, and O. J. Simpson. We have also published survivor stories of World War II, memoirs about overcoming adversity, first-hand tales of adventure, and much more. While not every title we publish becomes a New York Times bestseller or a national bestseller, we are committed to books on subjects that are sometimes overlooked and to authors whose work might not otherwise find a home.
Author: Dan Lainer-Vos
Publisher: John Wiley & Sons
ISBN: 0745664415
Category : Social Science
Languages : en
Pages : 205
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Book Description
Fundraising may not seem like an obvious lens through which to examine the process of nation-building, but in this highly original book Lainer-Vos shows that fundraising mechanisms - ranging from complex transnational gift-giving systems to sophisticated national bonds - are organizational tools that can be used to bind dispersed groups to the nation. Sinews of the Nation treats nation-building as a practical organizational accomplishment and examines how the Irish republicans and the Zionist movement secured financial support in the United States during the first half of the twentieth century. Comparing the Irish and Jewish experiences, whose trajectories of homeland-diaspora relations were very different, provides a unique perspective for examining how national movements use economic transactions to attach disparate groups to the national project. By focusing on fundraising, Lainer-Vos challenges the common view of nation-building as only a matter of forging communities by imagining away internal differences: he shows that nation-building also involves organizing relationships so as to allow heterogeneous groups to maintain their difference and yet contribute to the national cause. Nation-building is about much more than creating unifying symbols: it is also about creating mechanisms that bind heterogeneous groups to the nation despite and through their differences.
Author: Annette Thau
Publisher: McGraw Hill Professional
ISBN: 0071713093
Category : Business & Economics
Languages : en
Pages : 448
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Book Description
Everything on Treasuries, munis,bond funds, and more! The bond buyer’s answer book—updated for the new economy “As in the first two editions, this third edition of The Bond Book continues to be the idealreference for the individual investor. It has all the necessary details, well explained andillustrated without excessive mathematics. In addition to providing this essential content, itis extremely well written.” —James B. Cloonan, Chairman, American Association of Individual Investors “Annette Thau makes the bond market interesting, approachable, and clear. As much asinvestors will continue to depend on fixed-income securities during their retirement years,they’ll need an insightful guide that ensures they’re appropriately educated and served.The Bond Book does just that.” —Jeff Tjornejoh, Research Director, U.S. and Canada, Lipper, Thomson Reuters “Not only a practical and easy-to-understand guide for the novice, but also a comprehensivereference for professionals. Annette Thau provides the steps to climb to the top of the bondinvestment ladder. The Bond Book should be a permanent fixture in any investment library!” —Thomas J. Herzfeld, President, Thomas Herzfeld Advisors, Inc. “If the financial crisis of recent years has taught us anything, it’s buyer beware. Fact is, bondscan be just as risky as stocks. That’s why Annette Thau’s new edition of The Bond Book isessential reading for investors who want to know exactly what’s in their portfolios. It alsoserves as an excellent guide for those of us who are getting older and need to diversify intofixed income.” —Jean Gruss, Southwest Florida Editor, Gulf Coast Business Review, andformer Managing Editor, Kiplinger’s Retirement Report About the Book The financial crisis of 2008 causedmajor disruptions to every sector ofthe bond market and left even the savviestinvestors confused about the safety oftheir investments. To serve these investors andanyone looking to explore opportunities infixed-income investing, former bond analystAnnette Thau builds on the features and authoritythat made the first two editions bestsellersin the thoroughly revised, updated, andexpanded third edition of The Bond Book. This is a one-stop resource for both seasonedbond investors looking for the latest informationon the fixed-income market and equitiesinvestors planning to diversify their holdings.Writing in plain English, Thau presentscutting-edge strategies for making the bestbond-investing decisions, while explaininghow to assess risks and opportunities. She alsoincludes up-to-date listings of online resourceswith bond prices and other information.Look to this all-in-one guide for information onsuch critical topics as: Buying individual bonds or bond funds The ins and outs of open-end funds,closed-end funds, and exchangetradedfunds (ETFs) The new landscape for municipal bonds:the changed rating scales, the neardemise of bond insurance, andBuild America Bonds (BABs) The safest bond funds Junk bonds (and emerging market bonds) Buying Treasuries without payinga commission From how bonds work to how to buy and sellthem to what to expect from them, The BondBook, third edition, is a must-read for individualinvestors and financial advisers who wantto enhance the fixed-income allocation of theirportfolios.
