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MOSAIC America's Bank: The Epic Struggle to Create the Federal ReserveA tour de force of historical reportage, Americas Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of Americas modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established. For nearly a century, America, alone among developed nations, refused to
A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established.For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans’ mistrust of big government and of big banks—a legacy of the country’s Jeffersonian, small-government traditions—was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America’s burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and—improbably—a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act.
Roger Lowenstein—acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street—tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America’s Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians.
Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America’s finances; Rhode Island’s Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country’s most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they’re reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today.
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4.5 ★★★★★
Based on 1658 reviews
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Product Reviews
★★★★★ 4
A Book About Friendship, Gumption and Happiness
Format: Hardcover
This book is an enthusiastic and inspired combination of stick drawings, challenging vocabulary, cheerful wordplay and shaggy dog, (literally), adventures. There is a tremendous sense of happy camaraderie among the doggy characters.
The drawing is intentionally amateurish; the dogs are stick figures. Except there's more going on here than you might imagine, and the author manages to fit a considerable amount of expression and personality into the drawings. You get a sort of "less is more" vibe, and the young reader is drawn into paying more attention to the writing. That said, the simple drawings clearly illustrate what's being related in the text and so end up being amusing and helpful. Let's hear it for stick drawings. Think Picasso, but with more tails.
The vocabulary is at a high but fair level - one dog doesn't speak to another, he "addresses" him. That's not outlandish, but it represents a real step up in the level of sophistication of the writing. The overall effect is that this is a book that encourages a young reader, ever so gently, to step up his or her game in terms of reading confidence and ability. Pretty nice for a stick figure dog story.
There is word play and a great deal of clever conversation. But, there's also just a lot of silly, engaging dog stuff. The dogs tease each other, compliment each other, and play with each other. They have adventures, meet other animals, and explore things. There are set pieces, but a lot of the action just involves Stick Dog's bemused management of this gang of knuckleheads.
The upshot is that the book is funny, calm and welcoming. It is sneaky in that it has charms that are not immediately evident, but that become clear as you read it. It's sort of like a stray dog that works its way into your home, (like Stick Dog himself). How cool is that.
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Reviewed in the United States on March 24, 2015
★★★★★ 5
We love this book!
Format: Hardcover
My son and I originally found this book together for free on Nook and Kindle. We read it together, and it is hilarious! I loved it as much as he did. He loved it so much, he wanted an actual print copy he could take to school. We are also planning to buy another one to donate to his school library, and he has convinced several of his friends to buy it at their school book fair. If you have a kid in k-5, get this book. It is a cute story, but smart, too. Very funny! Tom Watson doesn't talk down to his readers, but writes in a way that lets them be in on the joke, too.
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Reviewed in the United States on March 29, 2013
★★★★★ 5
Just a good time read.
Format: Hardcover
Funny, funny and funny again. Stick Dog shares a lot of dog wisdom with his small band of diversified followers while they scout for food , or better yet, dreamily scheme to confiscate a few delicious morsels. Shared antics, back door begging knowledge, a dog's eye view of the more upscale garbage pickins' lead this foursome of mixed mongrels through some challenging romps all tied up in low keyed humor that builds to giggles and "Don't stop now, Mom, pleaseeeeee"" reading sessions. Funny dogs, funny story and fun to read again! Maybe that IS the best part - "Mom, read it again".
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Reviewed in the United States on January 9, 2013
★★★★★ 5
Grandson Loves this series!
Format: Hardcover
My young grandson loves these books. They are clever and interesting. We both like the illustrations.
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Reviewed in the United States on June 15, 2024
★★★★★ 5
Bed storytime
My grand daughter is enamoured with the character in the book Stick Dog, he and his friends are always hungry and work out plans as to how they are going to get something to eat. My grand daughter likes the way Stick Dog is the leader in a unobtrusive way, she reads part of a book on her kindle each night before going to sleep. I have purchased all the books of Stick Dog by this author for her because she wants to know what else he is up to next. Great reading for 10 year olds.
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Reviewed in the United States on April 23, 2015