Download Anxious Decades: America in Prosperity and Depression, by Michael E. Parrish PDF

By Michael E. Parrish

Within the convulsive years among 1920 and 941, american citizens have been first dazzled by means of unparalleled financial prosperity after which beset by way of the worst melancholy of their background. It used to be the period of version T's, emerging earning, medical administration, electrical energy, conversing video clips, and ads options that bought a likely never-ending circulation of products. yet is used to be additionally a time of grave social clash and human suffering.

The Crash compelled Hoover, after which Roosevelt and the kingdom, to reexamine previous options and handle urgent questions of restoration and reform, monetary development and social justice. the realm past the United States replaced additionally in those years, making the rustic reconsider its relation to occasions in Europe, Latin the US, and Asia. the semblance of superiority slowly died within the Nineteen Thirties, maintaining a deadly blow in December 1941 at Pearl Harbor.

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Losses exceeding 30 percent of liabilities). indb 10 12/23/04 12:10:00 PM Theft by Deception: Control Fraud in the S&L Industry . 8 Worse, they predicted the opposite, that Pratt’s policies were the industry’s best hope. As future Bank Board member and financial economist Larry White would famously write (1991, 90), there were “no Cassandras” among economists. Fourth, although no economist spotted the problems, roughly two hundred opportunistic control frauds promptly spotted the opportunities and rushed to enter the industry.

A reduction in goodwill would have caused a dollar-fordollar reduction in capital, and would soon have led to recognition of the GAAP insolvency of the S&L. It seems obvious that selling the assets obtained in the merger must also reduce any goodwill. But here is where the words “general” and “unidentified” proved so useful to the scams. Because the goodwill was not associated with any tangible acquired asset, it was not written off, even if every tangible asset acquired in the merger was sold.

Indb 10 12/23/04 12:10:00 PM Theft by Deception: Control Fraud in the S&L Industry . 8 Worse, they predicted the opposite, that Pratt’s policies were the industry’s best hope. As future Bank Board member and financial economist Larry White would famously write (1991, 90), there were “no Cassandras” among economists. Fourth, although no economist spotted the problems, roughly two hundred opportunistic control frauds promptly spotted the opportunities and rushed to enter the industry. Larry White (1991, 92) makes this point at the close of his discussion of the lack of Cassandras: The enhanced opportunities-capabilities-incentives nexus was simply not seen— except by entrepreneurs who would take advantage of it.

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