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Galbraith writes with great wit and erudition about the perilous actions of investors, and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell; "the ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler --This text refers to an out of print or unavailable edition of this title.
This is a story of delusion of the masses on a massive scale.
I don't have a degree in economics, nor am a native english speaker. Read more
Great book, the parallels between the irrational exuberance of the late 1920s , the 90s tech boom, and 2000s subprime mortgage crisis are stunning. Read morePublished 26 days ago by Pat
The author has written a good book on the stock market crash of 1929 and what led up to it. The author writes primarily of the 1920s, the market crash, its aftermath and ends with... Read morePublished 1 month ago by Marc Grenier
Not nearly as broad as I had hoped. Concentrates solely on The Crash and doesn't do much to cover the resulting depression and bank failures.Published 2 months ago by Raymond Redd
Interesting book. Originally written in the 1950's and more or less continuously updated since. Frankly it was like reading an account of what's been happening in our economy... Read morePublished 2 months ago by InterestedObserver2
This is a classic must-read for those in the finance business and/or history buffs. It tells the story vividly. It is sure to be compelling even though we know the results.Published 3 months ago by Carol Kay
I found this book an interesting slice of history which is not normally taught in school. As little tykes, we are taught, by word, deed, and implication, to honor and look up to... Read morePublished 3 months ago by E. A. Hara
I thought the book was really good but I am used to reading books that are dumbed down a little.Published 3 months ago by Brad