American Bonds

Viac o knihe

The American government has historically utilized financial credit programs to foster economic opportunities, a practice that dates back to the nation’s founding. From the establishment of a national land credit policy in the 1780s to the development of the modern housing finance system post-World War II, the evolution of securitization and federal credit programs is examined. The U.S. government has leveraged financial markets to address complex social divides, with politicians across the spectrum employing land sales, home ownership, and credit as means to provide economic opportunity while avoiding direct market intervention or wealth redistribution. Technical systems of securitization and credit have shaped how Americans perceive their financial obligations to one another. Over time, credit emerged as a political tool, allowing officials to navigate a fractured political landscape and affirming the government’s role as a significant market player. Far from being marginal, credit programs have bolstered various industries, including railroads, agriculture, housing, and finance, while also serving purposes in disaster relief, foreign policy, and military efforts. They have facilitated amortized mortgages, international lending, venture capital, and mortgage securitization. This exploration highlights how political institutions became intertwined with the nation’s lending practices, shedding light on America’s market-driven