In this Book

summary

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.

Table of Contents

  1. Cover
  2. restricted access
    • Download PDF Download
    contents
  1. Title Page, Copyright
  2. pp. i-iv
  3. restricted access
    • Download PDF Download
    contents
  1. Contents
  2. pp. v-vi
  3. restricted access
    • Download PDF Download
    contents
  1. List of Illustrations
  2. pp. vii-viii
  3. restricted access
    • Download PDF Download
    contents
  1. Acknowledgments
  2. pp. ix-xii
  3. restricted access
    • Download PDF Download
    contents
  1. Abbreviations
  2. pp. xiii-xvi
  3. restricted access
    • Download PDF Download
    contents
  1. The Problem and Promise of Credit in American Life
  2. pp. 1-21
  3. restricted access
    • Download PDF Download
    contents
  1. The Credit Frontier
  2. pp. 22-47
  3. restricted access
    • Download PDF Download
    contents
  1. Three Failures
  2. pp. 48-68
  3. restricted access
    • Download PDF Download
    contents
  1. Credit as a Tool of Statecraft
  2. pp. 69-87
  3. restricted access
    • Download PDF Download
    contents
  1. From a Nation of Farmers to a Nation of Homeowners
  2. pp. 88-106
  3. restricted access
    • Download PDF Download
    contents
  1. Mortgage Bonds for the Small Investor
  2. pp. 107-123
  3. restricted access
    • Download PDF Download
    contents
  1. The Rise of Federal Credit Programs
  2. pp. 124-149
  3. restricted access
    • Download PDF Download
    contents
  1. Off-Budget and Decentralized
  2. pp. 150-173
  3. restricted access
    • Download PDF Download
    contents
  1. A Return to Securitization
  2. pp. 174-198
  3. restricted access
    • Download PDF Download
    contents
  1. What We Owe One Another
  2. pp. 199-212
  3. restricted access
    • Download PDF Download
    contents
  1. Notes
  2. pp. 213-276
  3. restricted access
    • Download PDF Download
    contents
  1. Index
  2. pp. 277-293
  3. restricted access
    • Download PDF Download
    contents

Additional Information

ISBN
9780691185613
Related ISBN
9780691156750
MARC Record
OCLC
1100588411
Launched on MUSE
2019-05-13
Language
English
Open Access
No
Back To Top

This website uses cookies to ensure you get the best experience on our website. Without cookies your experience may not be seamless.