Breaking The Banks In Motor City
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Breaking the Banks in Motor City
This history tells the relatively unknown story of how the Detroit automobile industry played a major role in the 1933 banking crisis and the subsequent New Deal reforms that drastically changed the financial industry. Spurred by failed decision making and conflicts of interest by automobile industry leaders, Detroit banks experienced a critical emergency, precipitating the federal closure of banks on March 4, 1933, the first in a series of actions by which the federal government acquired power over economics previously held by states and private industrial and financial interests.
Dream City
Tracing two centuries of rise, fall, and rebirth in the heart of downtown Detroit. Downtown Detroit is in the midst of an astonishing rebirth. Its sidewalks have become a dreamland for an aspiring creative class, filled with shoppers, office workers, and restaurant-goers. Cranes dot the skyline, replacing the wrecking balls seen there only a few years ago. But venture a few blocks in any direction and this liveliness gives way to urban blight, a nightmare cityscape of crumbling concrete, barbed wire, and debris. In Dream City, urban designer Conrad Kickert examines the paradoxes of Detroit's landscape of extremes, arguing that the current reinvention of downtown is the expression of two centuries of Detroiters' conflicting hopes and dreams. Kickert demonstrates the materialization of these dreams with a series of detailed original morphological maps that trace downtown's rise, fall, and rebirth. Kickert writes that downtown Detroit has always been different from other neighborhoods; it grew faster than other parts of the city, and it declined differently, forced to reinvent itself again and again. Downtown has been in constant battle with its own offspring—the automobile and the suburbs the automobile enabled—and modernized itself though parking attrition and land consolidation. Dream City is populated by a varied cast of downtown power players, from a 1920s parking lot baron to the pizza tycoon family and mortgage billionaire who control downtown's fate today. Even the most renowned planners and designers have consistently yielded to those with power, land, and finances to shape downtown. Kickert thus finds rhyme and rhythm in downtown's contemporary cacophony. Kickert argues that Detroit's case is extreme but not unique; many other American cities have seen a similar decline—and many others may see a similar revitalization.
The Hellhound of Wall Street
A gripping account of the underdog Senate lawyer who unmasked the financial wrongdoing that led to the Crash of 1929 and forever changed the relationship between Washington and Wall Street. In The Hellhound of Wall Street, Michael Perino recounts in riveting detail the 1933 hearings that put Wall Street on trial for the Great Crash. Never before in American history had so many financial titans been called to account before the public, and they had come within a few weeks of emerging unscathed. By the time Ferdinand Pecora, a Sicilian immigrant and former New York prosecutor, took over as chief counsel, the investigation had dragged on ineffectively for nearly a year and was universally written off as dead. The Hellhound of Wall Street provides a minute-by-minute account of the ten dramatic days when Pecora turned the hearings around, cross- examining the officers of National City Bank (today's Citigroup), particularly its chairman, Charles Mitchell, one of the best known bankers of his day. Mitchell strode into the hearing room in obvious disdain for the proceedings, but he left utterly disgraced. Pecora's rigorous questioning revealed that City Bank was guilty of shocking financial abuses, from selling worthless bonds to manipulating its stock price. Most offensive of all was the excessive compensation and bonuses awarded to its executives for peddling shoddy securities to the American public. Pecora became an unlikely hero to a beleaguered nation. The man whom the press called "the hellhound of Wall Street" was the son of a struggling factory worker. Precocious and determined, he became one of New York's few Italian American lawyers at a time when Italians were frequently stereotyped as anarchic criminals. The image of an immigrant lawyer challenging a blue-blooded Wall Street tycoon was just one more sign that a fundamental shift was taking place in America. By creating the sensational headlines needed to galvanize public opinion for reform, the Pecora hearings spurred Congress to take unprecedented steps to rein in the freewheeling banking industry and led directly to the New Deal's landmark economic reforms. A gripping courtroom drama with remarkable contemporary relevance, The Hellhound of Wall Street brings to life a crucial turning point in American financial history.