By Raymond B. Vickers
Panic in Paradise is a complete research of financial institution personal loan disasters in the course of the Florida land growth of the mid-1920s, throughout the years previous the inventory industry crash of 1929. Florida and Georgia skilled a banking panic in 1926 whilst, in a ten-day interval in July, after uncontrollable depositor runs, 117 banks closed within the states. Uninsured depositors misplaced hundreds of thousands, and several other suicides the monetary havoc. This quantity uses banking files that have been legally sealed for nearly 70 years and offers a surprising tale corruption and conspiracy."An amazing and weird ebook that makes a big contribution to our knowing of banking historical past and the final fiscal heritage oof the Twenties. The banking cave in within the Southeast is nearly unknown, even to experts in banking and monetary heritage. nobody who's attracted to the banking background of the us will wish to overlook this book." -- Eugene N. White, Rutgers University"An exhaustively researched pioneering research; magnificent investigative reporting." -- Jack Blicksilver, Georgia nation collage
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Extra resources for Panic in Paradise: Florida's Banking Crash of 1926
Example text
Danny Wall, chairman of the Federal Home Loan Bank Board, maintained throughout the presidential election year of 1988 that a taxpayer bailout was unnecessary. He claimed in March 1988 that the problem could be solved with $17 billion. 7 billion. 9 billion, and in October he put the cost between $45 and $50 billion. After the election in November 1988, the same month that Wall told industry executives to "hold your heads high," estimates rose to $75 billion. 7 The 1920s was also a period of instability for the nation's banking system.
Eighty-three banks in Georgia and 32 banks in Florida were members of the Manley-Anthony banking chain. Following the financial havoc, James R. 9 Florida was a bellwether state for the American economy in the 1920s. Its real estate boom, according to John Kenneth Galbraith, was a "classic speculative bubble" and a prelude to the stock market crash. The 1926 banking crash devastated Florida's economy and drove its recession into a depression. Bank assets in Florida fell more than $300 million in 1926.
A System of Protection 149 9. Friends of Vice-President Dawes 167 10. Senatorial Privilege 176 11. The Defeat of Ernest Amos 191 Page x Epilogue 215 Notes 221 Bibliography 283 Index 305 Page xi PREFACE Writing a history of banking is difficult because regulators and bankers have barricaded themselves behind a wall of secrecy. As long as a bank or a savings and loan survives, the regulatory records of the institutionwhich have been prepared by government employees at taxpayers' expenseremain confidential.