Wall Street: America's Dream Palace (Icons of America) (Paperback)

~ Steve Fraser (Author)
Key Phrases: Wall Street, The Aristocrat, The Immoralist (more...)

Editorial Reviews

From Booklist

Fraser, historian and author, reviews the complicated love-hate relationship between Americans and the financial markets by using Wall Street as the symbol of money and its power. By identifying four personality types that reappear throughout history, he explores more than 200 years of struggle between wealth and work, democracy and elitism, and greed and salvation. These types include the “pretentious aristocrat,” from the 1792 speculator who was jailed for causing the first crash, to Michael Milken, who was jailed  in the 1980s for speculation in junk bonds. Fraser’s “wily confidence-man” category with numerous names tells us that such individuals are ever present in a market society. The “imperial heroes” include Cornelius Vanderbilt and “Jubilee Jim” Fisk—the latter identified as “the Donald Trump of the nineteenth century.” The “immoralist,” the sinner category, includes the Gilded Age’s Jay Gould and the “cascade of financial scandals beginning with Enron.” This is an excellent book that traces the history of Wall Street through those who shaped it, for better or for worse. --Mary Whaley --This text refers to the Hardcover edition.

Review

"'The history of American attitudes toward the financiers of Wall Street, as shown in newspapers, novels and prosecutions, is the subject of Fraser's book. It's a remarkable tale, not just for the plain facts of what they did but also for the dramatic swings in their image. Were they heroes or con men, aristocrats or immoral scoundrels? It depended on the era, and to some extent on whether their successes seemed to be enriching the rest of us.' Floyd Norris, New York Times Book Review"

See all Editorial Reviews

Product Details

• Paperback: 208 pages
• Publisher: Yale University Press (April 14, 2009)
• Language: English
• ISBN-10: 0300151438
• ISBN-13: 978-0300151435
• Product Dimensions: 8.2 x 5.4 x 0.7 inches
• Shipping Weight: 5.6 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (6 customer reviews)
• Amazon.com Sales Rank: #468,102 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

18 of 19 people found the following review helpful:

5.0 out of 5 stars Well researched and elegantly written history of the Street, July 15, 2008

By	Paul Tognetti "The real world is so much more... (Cranston, RI USA) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)    (VINE VOICE)

This review is from: Wall Street: America's Dream Palace (Icons of America) (Hardcover)

There are few institutions in America that evoke such strong emotions among the general public. For over two centuries most Americans have viewed the goings on on Wall Street with a very jaundiced eye....and with very good reason. From the Gilded Age to the dot.com boom of the 1990's the way business was conducted on Wall Street would have an enormous impact of the lives of farmers, factory workers and shopkeepers across this nation. Author Steve Fraser has managed to capture the essence of this love-hate relationship with the Street in his marvelous new book "Wall Street: America's Dream Palace".
For those who know little about the origins of Wall Street Steve Fraser presents a brief history in his Introduction to get us all up to speed.
Interestingly enough, this book has only four chapters, each scrutinizing the roles of what Fraser considers to be four iconic Wall Street types including the aristocrat, the confidence man, the hero and the immoralist. In each chapter, Fraser presents vivid portraits of those legendary individuals who for better or for worse have made their mark in the world of high finance. Fraser spotlights such diverse charactors as J.P. Morgan, Cornelius Vanderbilt, Charles Ponzi and Michael Milken to name but a few. Fraser also discusses at some length how the dot.com boom lured many Americans into the stock market for the very first time and how so many of us were burned by the unscrupulous actions of con men like Michael Milken, corporations like Enron and WorldCom, as well as by a variety of unsavory speculators and day traders.
Overall I found "Wall Street: America's Dream Palace" to be an extremely informative and highly enjoyable read. I enjoy writers with outstanding vocabularies and Steve Fraser can turn a phrase with the best of them.
Lots of great information packed into this terrific little book. Highly recommended!

14 of 18 people found the following review helpful:

5.0 out of 5 stars Wall Street, June 4, 2008

By	Deborah Tannenbaum - See all my reviews (REAL NAME)

This review is from: Wall Street: America's Dream Palace (Icons of America) (Hardcover)

Wonderful, thorough history of the banking industry and Wall Street since the inception of this country. A must read!
Debb

9 of 11 people found the following review helpful:

5.0 out of 5 stars Enormously Informative, June 21, 2008

By	Robert H. Burroughs (Rhinebeck NY USA) - See all my reviews (REAL NAME)

This review is from: Wall Street: America's Dream Palace (Icons of America) (Hardcover)

Steve Fraser has a wonderful, crisp style that moves your eye
along the page and onto the next. This is one of those rare
non-fiction books you wish were longer.