
America's Bank
The Epic Struggle to Create the Federal Reserve
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Narrated by:
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Robertson Dean
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By:
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Roger Lowenstein
About this listen
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 20th 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 best-selling 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 US 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.
Listeners of this gripping historical narrative will wonder whether they’re listening about 100 years ago or the still-seething conflicts that mark our discussions of banking and politics today.
©2015 Roger Lowenstein (P)2015 Penguin AudioListeners also enjoyed...
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Critic reviews
“As Roger Lowenstein tells it in America’s Bank, an illuminating history of the Fed’s unlikely origin story, the central bank represented an ambitious - and not entirely successful - effort to resolve several long-standing tensions that lay at the heart of the American experiment in self-government: East Coast vs. the interior, urban sensibilities vs. rural ones, mercantile vs. agrarian interests, Wall Street vs. Main Street. It is still working out the kinks.” (Washington Post)
“The fun of the book - and its enduring value - lies in the rich details about the cranks, pawns and prophets who jousted with one another in the days of Teddy Roosevelt, William Taft and Woodrow Wilson.” (Forbes)
“Roger Lowenstein tells, vividly and compellingly...the remarkable tale of the politics, disagreements, decisions and crises that culminated in the Federal Reserve Act.... But Lowenstein, the author of several works on economics and finance, builds off it to describe the history of the era, the rise of the Progressive movement, the compromises and machinations that were critical to Congressional passage and the key figures in the drama of creating the Federal Reserve System.” (Robert Rubin, New York Times Book Review)
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Story
A best-selling historian's gripping account of the powerful men who controlled America's financial destiny. From the first days of the United States, a battle raged over money. On one side were the democrats, who wanted cheap money and feared the concentration of financial interests in the hands of a few. On the other were the capitalists who sought the soundness of a national bank and the profits that came with it.
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Not clear what this book is really about
- By Chris on 07-03-08
By: H. W. Brands
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Lords of Finance
- The Bankers Who Broke the World
- By: Liaquat Ahamed
- Narrated by: Stephen Hoye
- Length: 18 hrs and 32 mins
- Unabridged
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It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
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interesting insight into interwar period!
- By Toru on 11-27-09
By: Liaquat Ahamed
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Hoover
- An Extraordinary Life in Extraordinary Times
- By: Kenneth Whyte
- Narrated by: Richard Ferrone
- Length: 27 hrs and 38 mins
- Unabridged
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The definitive biography of Herbert Hoover, one of the most remarkable Americans of the 20th century - a revisionist account that will forever change the way Americans understand the man, his presidency, and his battle against the Great Depression. A poor orphan who built a fortune, a great humanitarian, a president elected in a landslide and then routed in the next election, arguably the father of both New Deal liberalism and modern conservatism - Herbert Hoover is also one of our least understood presidents.
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What a fascinating story!
- By Dan Ryan on 11-18-17
By: Kenneth Whyte
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Coolidge: An American Enigma
- By: Robert Sobel
- Narrated by: Charles Bice
- Length: 16 hrs and 53 mins
- Unabridged
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Sobel instead exposes the real Coolidge, whose legacy as the most Jeffersonian of all twentieth-century presidents still reverberates today. Sobel delves into the record to show how Coolidge cut taxes four times, had a budget surplus every year in office, and cut the national debt by a third in a period of unprecedented economic growth.
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A Book Exciting As It's Subject!!!
- By Ted on 08-28-12
By: Robert Sobel
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Nothing to Fear
- FDR's Inner Circle and the Hundred Days That Created Modern America
- By: Adam Cohen
- Narrated by: Norman Dietz
- Length: 14 hrs and 10 mins
- Unabridged
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Nothing to Fear brings to life a fulcrum moment in American history - the tense, feverish first 100 days of Franklin Delano Roosevelt's presidency, when he and his inner circle completely reinvented the role of the federal government.
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Important contribution
- By R.S. on 03-05-09
By: Adam Cohen
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All the Presidents' Bankers
- The Hidden Alliances That Drive American Power
- By: Nomi Prins
- Narrated by: Marguerite Gavin
- Length: 19 hrs and 56 mins
- Unabridged
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Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. This unprecedented history of American power illuminates how financiers have retained their authoritative position through history, swaying presidents regardless of party affiliation.
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You better like history about the elite and rich
- By Victor on 01-12-15
By: Nomi Prins
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American Default
- The Untold Story of FDR, the Supreme Court, and the Battle over Gold
- By: Sebastian Edwards
- Narrated by: Timothy Andrés Pabon
- Length: 9 hrs and 1 min
- Unabridged
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The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history.
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Superb
- By Jean on 12-08-18
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Herbert Hoover
- A Life
- By: Glen Jeansonne
- Narrated by: Mark Deakins
- Length: 16 hrs and 28 mins
- Unabridged
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Prize-winning historian Glen Jeansonne delves into the life of our most misunderstood president, offering up a surprising new portrait of Herbert Hoover - dismissing previous assumptions and revealing a political Progressive in the mold of Theodore Roosevelt and the most resourceful American since Benjamin Franklin.
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Thought provoking
- By Jean on 10-26-16
By: Glen Jeansonne
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Ways and Means
- Lincoln and His Cabinet and the Financing of the Civil War
- By: Roger Lowenstein
- Narrated by: Kaleo Griffith
- Length: 13 hrs and 31 mins
- Unabridged
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Upon his election to the presidency, Abraham Lincoln inherited a country in crisis. Even before the Confederacy’s secession, the United States Treasury had run out of money. The government had no authority to raise taxes, no federal bank, no currency. But amid unprecedented troubles Lincoln saw opportunity—the chance to legislate in the centralizing spirit of the “more perfect union” that had first drawn him to politics.
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Perspective that matters - financing the Civil War
- By Edgewater on 07-04-22
By: Roger Lowenstein
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Volcker
- The Triumph of Persistence
- By: William L. Silber
- Narrated by: Ross Douglas
- Length: 9 hrs and 51 mins
- Unabridged
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Over the course of nearly half a century, five American presidents - three Democrats and two Republicans - have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse.
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Required Reading for 2022 Economy
- By Marc Uknis on 11-19-22
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The House of Morgan
- An American Banking Dynasty and the Rise of Modern Finance
- By: Ron Chernow
- Narrated by: Robertson Dean
- Length: 34 hrs and 37 mins
- Unabridged
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A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.
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The construction of the House of Morgan
- By Darwin8u on 10-22-18
By: Ron Chernow
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Act of Congress
- How America's Essential Institution Works, and How It Doesn't
- By: Robert G. Kaiser
- Narrated by: Matthew Josdal
- Length: 19 hrs and 9 mins
- Unabridged
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An eye-opening account of how Congress today really works - and doesn’t - that follows the dramatic journey of the sweeping financial reform bill enacted in response to the Great Crash of 2008. The founding fathers expected Congress to be the most important branch of government and gave it the most power. When Congress is broken - as its justifiably dismal approval ratings suggest - so is our democracy.
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insightful, and eye opening.
- By A&K Schneider on 10-21-17
By: Robert G. Kaiser
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America's First Great Depression
- Economic Crisis and Political Disorder After the Panic of 1837
- By: Alasdair Roberts
- Narrated by: Kevin Young
- Length: 10 hrs and 42 mins
- Unabridged
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For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837.
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Excellent Story
- By Timothy on 06-10-13
By: Alasdair Roberts
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The Alchemists
- Three Central Bankers and a World on Fire
- By: Neil Irwin
- Narrated by: Walter Dixon
- Length: 14 hrs and 15 mins
- Unabridged
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Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the 17th century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the age of Greenspan, bringing the listener into the present with a marvelous handle on how these figures and institutions became what they are.
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Couldn't Listen to this narrator
- By Donald on 07-23-13
By: Neil Irwin
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The End of Wall Street
- By: Roger Lowenstein
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- Length: 11 hrs and 33 mins
- Unabridged
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The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it.
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Great investigative work, terrible narration
- By Jonathan on 04-12-10
By: Roger Lowenstein