Top critical review
8 people found this helpful
A good overview
on January 5, 2008
I wasn't sure whether to give this 3 or 4 stars (I would have preferred 3.5), so I rounded down. Sorry.
As for the book, itself, this is a light, quick and even entertaining take on the market mania that caused the 1929 crash. While the book doesn't go into great detail, it does provide some good insights into both the crowd psychology that always produces crashes as well as the objects of their desire.
The investment trusts which were bid up so ridiculously in the late 20's bear just a bit more than an eerie resemblance to the tech stocks of the late 90's, the subprime paper of present day, the M&A mania that recently burst, the housing market, ethanol, sovereign wealth funds and... well just about everything on CNBC these days. More seriously, the similarities between than and now are quite extensive, and one can learn a valuable lesson from the largest calamity in U.S. financial history.
I do wish that the book would have gone more into all of the reasons behind not only the crash but also the Great Depression. While the 2 are intertwined, this book only offers insight into the stock market and, sadly, leaves the entire story untold.