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Loan Sharks: The Birth of Predatory Lending

2017 THE BROOKINGS INSTITUTION ;ISBN: 0815729006 ;ISBN: 9780815729006 ;ISBN: 0815729014 ;ISBN: 9780815729013 ;EISBN: 0815729014 ;EISBN: 9780815729013 ;OCLC: 952139309 ;LCCallNum: HG3756.U54 G453 2016

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  • Title:
    Loan Sharks: The Birth of Predatory Lending
  • Author: Geisst, Charles R
  • Subjects: Business ; BUSINESS & ECONOMICS ; Business Ethics ; Consumer Behavior ; Consumer credit ; Economics ; Finance ; History ; United States ; Usury
  • Description: Predatory lending: A problem rooted in the past that continues today.Looking for an investment return that could exceed 500 percent annually; maybe even twice that much? Private, unregulated lending to high-risk borrowers is the answer, or at least it was in the United States for much of the period from the Civil War to the onset of the Great Depression. Newspapers called the practice "loan sharking" because lenders employed the same ruthlessness as the great predators in the ocean. State and federal governments finally adopted laws and regulations curtailing the practice, but organized crime took over much of the business. Lending to high-margin investors contributed directly to the Wall Street crash of 1929.Loan Sharksis the first history of predatory lending in the United States. It traces the origins of modern consumer lending to such older practices as salary buying and hidden interest charges. Yet, as Geisst shows, no-holds-barred loan sharking is not a thing of the past. Many current lending practices employed today by credit card companies, payday lenders, and providers of consumer loans would have been easily recognizable at the end of the nineteenth century. Geisst demonstrates the still prevalent practice of lenders charging high interest rates, especially to risky borrowers, despite attempts to control the practice by individual states. Usury and loan sharking have not disappeared a century-and-a-half after the predatory practices first raised public concern.
  • Publisher: Blue Ridge Summit: Brookings Institution Press
  • Creation Date: 2017
  • Format: 401
  • Language: English
  • Identifier: ISBN: 0815729006
    ISBN: 9780815729006
    ISBN: 0815729014
    ISBN: 9780815729013
    EISBN: 0815729014
    EISBN: 9780815729013
    OCLC: 952139309
    LCCallNum: HG3756.U54 G453 2016
  • Source: Ebook Central Academic Complete
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