Credit and Discredit

S & L scandals, junk bonds, defaults—the pattern is familiar to anyone who knows about U.S. banking between 1830 and 1855.

My files bulge of late with stories that tell unedifying tales of cupidity and stupidity in world and national credit markets. There is the S & L scandal—the story of how hundreds of savings and loan institutions failed through unsound investments, while supposed regulators looked the other way. The bill for their “bailout” climbs toward some new megabuck horizon, it seems, every time there is a fresh disclosure.Read more »

Say It Ain’t So, Joe!

Foul was fair, and fair foul, when eight players of the championship White Sox conspired with gamblers to throw the 1919 World Series

On November 6, 1920, a grand jury in Cook County, Illinois, issued to an aroused public a statement of reassurance on a question that seemed to eclipse in significance even the landslide presidential victory of Warren Gamaliel Harding just four days earlier. In spite of the jury’s recent disclosures, the game of baseball was “clean.”

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