Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken

Grant follows the trail of money and banking through our nations history from the Civil War until the 80s. He does it in a very interesting and infomative way. I've learned a lot, not just about our nations economic policies, but also about some of the great financiers of our past.

Mr. Grant writes a book now 15 years old that could be redone with a new chapter of the subprime follies. Hardly necessary as he goes over the last 100+ years of similar booms and busts of which subprime is the latest flavor. Knowing that America has recovered from all those busts actually provides some optimism versus the press's gloominess. When it seems darkest means its time to buy. Looking forward to a revised edition in a few years. Mr. Grant is an old time American not an anti-American, he's on record as Cleveland being his favorite President, hardly an anti-American. This book is well worth the time providing some perspective on today's headlines.

This is THE outstanding history of credit in the US since the Civil War. Grant is a great writer who knows both how to turn a phrase and to dig out and provide the interesting, and sometimes odd-ball fact that is perfect for illustrating his larger point. Grant makes clear that the 20th Century was the century of the democratization of credit and the socialization of risk.

James Grant is the best writer of his generation on Wall Street today. Those looking for a romp or Wall Street Noir might be disappointed. But for a truly literate look at the world of debt, this book not only informs but entertains. James Grant. Accept no substitutes.