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The story of America is a story of dreamers and defaulters. It is also a story of dramatic financial panics that defined the nation, created its political parties, and forced tens of thousands to escape their creditors to new towns in Texas, Florida, and California. As far back as 1792, these panics boiled down to one simple question: Would Americans pay their debts—or were we just a nation of deadbeats?
From the merchant William Duer’s attempts to speculate on post–Revolutionary War debt, to an ill-conceived 1815 plan to sell English coats to Americans on credit, to the debt-fueled railroad expansion that precipitated the Panic of 1857, Scott Reynolds Nelson offers a crash course in America’s worst financial disasters—and a concise explanation of the first principles that caused them all. Nelson shows how consumer debt, both at the highest levels of finance and in the everyday lives of citizens, has time and again left us unable to make good. The problem always starts with the chain of banks, brokers, moneylenders, and insurance companies that separate borrowers and lenders. At a certain point lenders cannot tell good loans from bad—and when chits are called in, lenders frantically try to unload the debts, hide from their own creditors, go into bankruptcy, and lobby state and federal institutions for relief.
With a historian’s keen observations and a storyteller’s nose for character and incident, Nelson captures the entire sweep of America’s financial history in all its utter irrationality: national banks funded by smugglers; fistfights in Congress over the gold standard; and presidential campaigns forged in stinging controversies on the subject of private debt. A Nation of Deadbeats is a fresh, irreverent look at Americans’ addiction to debt and how it has made us what we are today.
Praise for Scott Reynolds Nelson's A Nation of Deadbeats
“A fascinating historical narrative. . . . This revisionist account is eminently readable, in large part because Nelson offers flesh-and-blood examples rather than relying on abstractions.”
“Lucid. . . . This astute account of economic disruption and disaster through the Great Depression is a useful and engaging perspective on our propensity for repeating our financial mistakes.”
“This might not qualify as 100% pure revisionist history, but it is certainly unconventional history, and hooray for that. . . . History focusing on the losers instead of the winners is especially effective. . . . A Nation of Deadbeats is especially timely, coming as it does during a nationwide and worldwide economic slowdown of at least four years duration and counting. . . . Even if those debtors are sometimes the victims of circumstances beyond their total control, they nonetheless can start ripples in the economy that become tidal waves.”
“Exceptionally readable. . . . [Nelson] has painstakingly extracted the sensational details from the mucky ore of the history of financial crises in the U.S., welding them together. . . . Well worth reading—particularly as it is larded with entertaining characters and powerful citations.”
—New York Journal of Books