By Raymond B. Vickers
Panic in Paradise is a accomplished examine of financial institution mortgage disasters in the course of the Florida land growth of the mid-1920s, in the course of the years previous the inventory industry crash of 1929. Florida and Georgia skilled a banking panic in 1926 whilst, in a ten-day interval in July, after uncontrollable depositor runs, 117 banks closed within the states. Uninsured depositors misplaced hundreds of thousands, and a number of other suicides the monetary havoc. This quantity uses banking documents that have been legally sealed for nearly 70 years and gives a stunning tale corruption and conspiracy."An remarkable and strange e-book that makes a massive contribution to our knowing of banking background and the final fiscal historical past oof the Nineteen Twenties. The banking cave in within the Southeast is almost unknown, even to experts in banking and monetary heritage. nobody who's drawn to the banking heritage of the USA will wish to overlook this book." -- Eugene N. White, Rutgers University"An exhaustively researched pioneering research; really good investigative reporting." -- Jack Blicksilver, Georgia country college
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Extra resources for Panic in Paradise: Florida's Banking Crash of 1926
11 Only Florida, New Mexico, Idaho, Oregon, Oklahoma, and Alaska permit the study of records of their failed banks from the 1920s. This study established that an accurate economic history of the United States cannot be written without using bank regulatory records. 12 Page xv ACKNOWLEDGMENTS No book of this scope can be completed without the help of many people. I am especially indebted to Edward F. Keuchel and William Warren Rogers of Florida State University for their guidance, extensive readings, and commitment to this project.
The "Great Commoner" tried to conceal the fortune made from speculating in Florida. A few months before his death, Bryan reported his net worth at less than $500,000. After his death in July 1925, his will disclosed a net worth of $860,000. 9 Bryan died at the height of the boom. " Bryan's fervor was not lost on his benefactor. Merrick, who would be remembered for his "aesthetic vision," was a captive of his own publicity. He continued to expand and improve his "Miami Riviera" until the magnitude of the project doomed it.
He declared that "the man who builds a factory builds a temple . . " Because unemployment was low and production was high, Coolidge prosperity seemed real to most Americans, who thought it would last forever. 7 million cars were traveling on thousands of miles of new roads. As people moved to the suburbs, housing construction boomed and the sale of electricity tripled during the decade. Appliances bought on installment credit furnished the new houses, and radios became the home entertainment center.