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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 an interesting chronicle of the great crash of 1929. The reasons that Galbraith gives for the crash are almost identical to the reasons that I have read for the recession... Read morePublished 1 month ago by Uncle Davy
Short and to the point. Good read if you just want a quick layout of what happened in 1929. Would recommendPublished 2 months ago by Dooker
I disagree with the author politically, but he is an excellent writer, and his presentation of some of the facts are very revealing; especially the part where he shows how... Read morePublished 4 months ago by Clarinet Buff
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 5 months 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 6 months ago by Marc Grenier