Author Archive for admin

Historians fight it out on the battleground of ideas

Herald Tribune By Harold Bubil Real Estate Editor Published: Sunday, February 10, 2008 at 7:31 a.m. Being a historian is not a profession for the weak of heart. After you’ve gotten a doctoral degree (or are killing yourself trying to get one), you bury yourself in libraries, studying old books…

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Causes of the bust

Herald Tribune Published: Sunday, January 27, 2008 at 4:30 a.m. Florida’s real estate boom, by any measure one of the biggest speculative investment bubbles in history, peaked in October 1925, and banks started failing in the summer of 1926. The bubble burst because of: Bank fraud and insider abuse, aggravated…

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Architect Addison Mizner: Villain or visionary?

By Harold Bubil Herold Tribune Published: Sunday, January 27, 2008 at 4:30 a.m. To be a real estate developer in the 1920s was to be a dreamer and a financial daredevil. Simply the appearance of success made you a celebrity, a hero at a time when business was the new…

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Closing the Door on One Scandal, Reopening Another Author: Bank Fraud Caused ’26 Land Bust

Miami Herald, The (FL) – April 23, 1995 Author: JACK WHEAT Herald Staff Writer History has ignored Charles Dawes, vice president of the United States under President Calvin Coolidge. Sometimes, obscurity is a kindness. Dawes was not merely Silent Cal’s second banana. In 1925, he won the Nobel Peace Prize…

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Jesse Jones pounding his fist

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Chairman of the RFC Jesse Jones pounding his fist to make a point to Chairman Henry B. Steagall and the House Banking and Currency Committee. (Courtesy, Library of Congress)

Charles Dawes

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Charles Dawes gave his autographed photograph to his “friend” Wilson McCarthy, who acted like a hero worshiper of Dawes when he approved the unprecedented bailout package for the Dawes bank. (Courtesy, Utah State Historical Society)

Bernard Baruch

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Bernard Baruch, a Democratic power broker who was a major stockholder of the new Dawes bank, at Franklin Roosevelt’s White House (Courtesy, Library of Congress)

Depositors in Chicago

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Depositors in Chicago demanding the return of their money in June 1932. (Courtesy, Franklin D. Roosevelt Presidential Library)

President Herbert Hoover

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President Herbert Hoover after a good day of trout fishing. Hoover personally directed the bailout of the Dawes bank by telephone from his fishing camp on the Rapidan River. (Courtesy, Library of Congress)

Jones and Butler

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Jesse Jones, chairman of the RFC, and his nephew, George A. Butler, who was the lawyer and head of Jones’s reorganized properties, working in the RFC’s Washington office. (Courtesy, Library of Congress)