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Robert L. Bartley Editor Emeritus, The Wall Street Journal As this collection of essays is published, markets, regulators and society generally are sorting through the wreckage of the collapse in tech stocks at the turn of the millennium. All the more reason for an exhaustive look at our last “bubble,” if that is what we choose to call them. We haven’t had time to digest the lesson of the tech stocks and the recession that started in March 2001. After a decade, though, we’re ready to understand the savings and loan “bubble” that popped in 1989, preceding the recession that started in July 1990. For more than a half-century, we can now see clearly enough, the savings and loans were an accident waiting to happen. The best insurance for financial institutions is diversification, but the savings and loans were concentrated solely in residential financing. What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans. They were further protected by Regulation Q, allowing them to pay a bit more for savings deposits than commercial banks were allowed to. In normal times, they could ride the yield curve, booking profits because long-term interest rates are generally higher than short-term ones. This world was recorded in Jimmy Stewart’s 1946 film, It’s a Wonderful Life.

Savings and loan associations --- Savings and loan association failures --- Bank failures --- Deregulation --- Finance. --- Finance, general. --- Funding --- Funds --- Economics --- Currency question --- Building and loan associations --- Building societies --- Cooperative building associations --- Depository institutions --- Loan associations --- Provident loan associations --- S and L's --- Thrift institutions

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* Balanced assessment of recent savings-led programs in microfinance* Contributors include wide range of scholars and practitionersThe entry of the private sector into financial services for the poor is a relatively new development, but already the glossy promises of credit-led microfinance are facing scrutiny from the development community. Policymakers and economists have begun picking through the hype of microfinance to identify where and how top-down loans might fit into broader human development efforts. To many, the answer involves shifting focus to another financial service: savings. Serving as a strong and perhaps more effective tool than microcredit, micro savings is quickly becoming a lauded poverty-alleviation tool.Contributors to Financial Promise for the Poor cover current innovations in microsavings happening around the world. They describe how savings group members in the developing world are avoiding many of the financial liabilities and debt of other microfinance programs while gaining skills and finding opportunities in collective enterprise. The turn from credit to savings speaks to the growing empowerment of individuals and communities as they break the bonds of indebtedness and find their own paths to financial security.

Microfinance --- Savings and loan associations --- Rotating credit associations --- Poor --- Credit associations, Rotating --- ROSCAs (Rotating credit associations) --- Rotating savings and credit associations --- Stokvels --- Banks and banking, Cooperative --- Building and loan associations --- Building societies --- Cooperative building associations --- Depository institutions --- Loan associations --- Provident loan associations --- S and L's --- Thrift institutions --- Community organization --- Private finance --- Developing countries

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336.74 --- Monetary policy --- -Banks and banking --- -Building and loan associations --- Building societies --- Cooperative building associations --- Depository institutions --- Loan associations --- Provident loan associations --- S and L's --- Thrift institutions --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Finance --- Financial institutions --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- 336.74 Geld. Geldwezen. Monetaire sector. --- Geld. Geldwezen. Monetaire sector. --- Deregulation --- -Deregulation --- -336.74 --- -336.74 Geld. Geldwezen. Monetaire sector. --- Building and loan associations --- -333.130.1 --- 333.51 --- Bankbedrijf. Buiten-balans verrichtingen. --- Bankinstellingen. --- Banks and banking --- Savings and loan associations --- Geld. Geldwezen. Monetaire sector --- 333.101 --- 333.106 --- 333.110 --- 333.130.1 --- 333.428 --- 333.820 --- GB / United Kingdom - Verenigd Koninkrijk - Royaume Uni --- Banksysteem en bankstelsel --- Kost, rendabiliteit en concurrentie in de banken --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Bankbedrijf. Buiten-balans verrichtingen --- Geldstock en quasi-monetaire liquiditeiten --- Bankinstellingen --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Politique monétaire

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Housing --- Mortgage loans --- Savings and loan associations --- Savings banks --- 336.74 --- 711.4 --- 711.4 Gemeentelijke planologie. Stadsplanning. Stedenbouw --- Gemeentelijke planologie. Stadsplanning. Stedenbouw --- 336.74 Geld. Geldwezen. Monetaire sector. --- Geld. Geldwezen. Monetaire sector. --- Home loans --- Mortgage lending --- Real estate loans --- Loans --- Secondary mortgage market --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- City planning --- Dwellings --- Human settlements --- Banks and banking --- Thrift institutions --- Building and loan associations --- Building societies --- Cooperative building associations --- Depository institutions --- Loan associations --- Provident loan associations --- S and L's --- Finance&delete& --- Government policy&delete& --- Congresses --- Social aspects --- Land. Real estate --- United States --- Geld. Geldwezen. Monetaire sector --- Finance --- Government policy --- United States of America

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Building Home is an innovative biography that weaves together three engrossing stories. It is one part corporate and industrial history, using the evolution of mortgage finance as a way to understand larger dynamics in the nation's political economy. It is another part urban history, since the extraordinary success of the savings and loan business in Los Angeles reflects much of the cultural and economic history of Southern California. Finally, it is a personal story, a biography of one of the nation's most successful entrepreneurs of the managed economy -Howard Fieldstad Ahmanson. Eric John Abrahamson deftly connects these three strands as he chronicles Ahmanson's rise against the background of the postwar housing boom and the growth of L.A. during the same period. As a sun-tanned yachtsman and a cigar-smoking financier, the Omaha-born Ahmanson was both unique and representative of many of the business leaders of his era. He did not control a vast infrastructure like a railroad or an electrical utility. Nor did he build his wealth by pulling the financial levers that made possible these great corporate endeavors. Instead, he made a fortune by enabling the middle-class American dream. With his great wealth, he contributed substantially to the expansion of the cultural institutions in L.A. As we struggle to understand the current mortgage-led financial crisis, Ahmanson's life offers powerful insights into an era when the widespread hope of homeownership was just beginning to take shape.

Mortgage loans --- Savings and loan associations --- American Dream --- Idealism, American --- Materialism --- Success --- Building and loan associations --- Building societies --- Cooperative building associations --- Depository institutions --- Loan associations --- Provident loan associations --- S and L's --- Thrift institutions --- Home loans --- Mortgage lending --- Real estate loans --- Loans --- Secondary mortgage market --- History --- Ahmanson, Howard F. --- E-books --- 20th century america. --- biographical. --- book club books. --- books for history lovers. --- building your own company. --- california history. --- chronicles ahmanson. --- discussion books. --- entrepreneurship. --- history of the american dream. --- history of western united states. --- history. --- how to manage a business. --- how to start a business. --- howard ahmanson. --- industrial history. --- leisure reads. --- managed economy. --- political economy. --- risk management. --- southern california. --- success in postwar america. --- successful entrepreneurs. --- urban history. --- vacation books.