Judge Glock
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Papers by Judge Glock
expanding state capacity in the Progressive Era, the literature
has overlooked the creation of nominally private companies
relying on implicit government guarantees, later known as government-
sponsored enterprises. This article explains the
novelty and structure of the nation’s first such enterprises,
the Federal Land Banks, and describes how their design
embodied several fragilities that contributed to their collapse
and bailout in 1932. The article then demonstrates why,
despite these problems, the land banks became the model for
subsequent enterprises and financial reforms.
expanding state capacity in the Progressive Era, the literature
has overlooked the creation of nominally private companies
relying on implicit government guarantees, later known as government-
sponsored enterprises. This article explains the
novelty and structure of the nation’s first such enterprises,
the Federal Land Banks, and describes how their design
embodied several fragilities that contributed to their collapse
and bailout in 1932. The article then demonstrates why,
despite these problems, the land banks became the model for
subsequent enterprises and financial reforms.