America’s Land Bubble

           In the history of financial bubbles, the assets at the center of attention have varied from equity and debt securities to commodities like tulips, indigo, and gold to real estate and land. The last of these was the object of great speculation in the early history of the United States. Indeed, it was a land

Caesars Palace and Speculative Credit

           Speculative credit fills a void in capital markets between safe lending to investment grade governments and companies and equity capital which has the last claim in bankruptcy. Speculative credit was also a market neglected by large investors until attitudes towards the asset class changed, especially in the 1980s. Once this happened, risky ventures found a

The Sword Blade Bank

           Establishing a corporation used to be a rare feat, not as simple as filing a form. Indeed, incorporation and the legal benefits it provided to financial and non-financial firms were closely guarded rights, the product of charters rarely conferred. So, if a corporation’s business model was on the way out and its value dwindling; it

The York Buildings Company

           In 1720, Britain was gripped by the South Sea Bubble. At its center, the South Sea Company, established to consolidate government debt and trade with South America, saw its stock price multiply several times over before crashing to end the year close to where it started. However, several firms saw speculative mania drive their stock

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