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The Resource Loan sharks : the birth of predatory lending, Charles R. Geisst, (electronic resource)

Loan sharks : the birth of predatory lending, Charles R. Geisst, (electronic resource)

Creator
Author
Contributor
Summary
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 early decades of the twentieth century. Newspapers called the practice "loan sharking" because lenders employed the same ruthlessness as the great predators in the ocean. Slowly state and federal governments adopted laws and regulations curtailing the practice, but organized crime continued to operate much of the business. In the end, lending to high-margin investors contributed directly to the Wall Street crash of 1929. Loan Sharks is 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 custom 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
Language
eng
Work
Instance
Label
Loan sharks : the birth of predatory lending
Title
Loan sharks
Title remainder
the birth of predatory lending
Statement of responsibility
Charles R. Geisst
Creator
Contributor
Author
Subject
Language
eng
Summary
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 early decades of the twentieth century. Newspapers called the practice "loan sharking" because lenders employed the same ruthlessness as the great predators in the ocean. Slowly state and federal governments adopted laws and regulations curtailing the practice, but organized crime continued to operate much of the business. In the end, lending to high-margin investors contributed directly to the Wall Street crash of 1929. Loan Sharks is 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 custom 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
Cataloging source
Midwest
http://library.link/vocab/creatorName
Geisst, Charles R
Dewey number
332.8/3097309041
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
hoopla digital
http://library.link/vocab/subjectName
  • Usury
  • Consumer credit
  • Finance
  • Electronic books
Target audience
adult
Label
Loan sharks : the birth of predatory lending, Charles R. Geisst, (electronic resource)
Link
Instantiates
Publication
Distribution
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource
Form of item
  • online
  • electronic
Governing access note
Digital content provided by hoopla
Isbn
9780815729013
Isbn Type
(electronic bk.)
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
http://library.link/vocab/ext/overdrive/overdriveId
11823229
Publisher number
MWT11823229
Specific material designation
remote
System details
Mode of access: World Wide Web
Label
Loan sharks : the birth of predatory lending, Charles R. Geisst, (electronic resource)
Link
Publication
Distribution
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource
Form of item
  • online
  • electronic
Governing access note
Digital content provided by hoopla
Isbn
9780815729013
Isbn Type
(electronic bk.)
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
http://library.link/vocab/ext/overdrive/overdriveId
11823229
Publisher number
MWT11823229
Specific material designation
remote
System details
Mode of access: World Wide Web

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