Customer Reviews

Financial Crises And Periods Of Industrial And Commercial Depression: 1902 Edition - Reprint 2009

5 star:		(2)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

Thought-provoking ideas regarding the nature and causes of crises and depressions. Numerous fascinating facts and authoritative arguments are presented.

Includes brief account of crises and depressions in the U.S. along with a wonderful selection of quotations relating to causes.

- General facts concerning crises and depressions; periodicity.
- The phenomena of crises and depressions and the events preceding them.
- Causes of crises and depressions.
- Indications of prosperity or depression.
- Indications of the approach of a crisis or depression.
- Preventives and remedies.
- Brief account of crises and depressions in the US.
- Summary and conclusion.
- A selection of opinions relating to the causes of crises and depressions.
- Statistical data.

A true piece of history.

In May, 1901 the stock market crashed on the New York Stock Exchange for the first time. The Panic of 1901 was a stock market crash on the New York Stock Exchange caused in part by struggles between E. H. Harriman, Jacob Schiff, and J. P. Morgan/James J. Hill for the financial control of the Northern Pacific Railroad. The stock cornering was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money. After reaching a compromise, the moguls formed the Northern Securities Company. As a result of the panic thousands of small investors were ruined.

Most people reading books on finance, particularly historical books, aren't really expecting something highly readable by a layman. That is where this book is quite surprising. It flows very nicely and quickly. It visualizes events of the day very well. Some discussion is done of the aftermath and results but it really focuses and puts you in the meeting rooms with the people making the decisions at the time they were happening. Some space is given to the aftermath and addressing the causes but it really does a spectacular job of actually walking through the events that occurred as they were perceived.

What is thought provoking is how eerily similar some attributes of this moment in history are to today. This book is highly readable and flows quite smoothly and quickly and is very enlightening.