Ebook The Great Crash of 1929
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The Great Crash of 1929
Ebook The Great Crash of 1929
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Product details
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Audible Audiobook
Listening Length: 6 hours and 39 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Recorded Books
Audible.com Release Date: March 25, 2009
Language: English, English
ASIN: B0021JJR2K
Amazon Best Sellers Rank:
Wonderful read. JKG is a great writer, and keeps the story going through what could be labor-some or dry economic topics. Best audience is someone interested in markets & willing to think along the way. It's not a thriller or such, where you just sit back and read. JKG likely does not get "passive" or inattentive readers. If you want to gain a perspective on what happened in 1929, you'll need to read many, many books to gain a full understanding. This is a great quick intro.
I've just read this book for the third time in the last 30 years. It is eerily relevant to understanding the financial markets, including the post-bubble declines after 2000 and 2007, as it is 1929 and the years immediately after. Also, it is the opposite of dry reading. Enjoyable, understandable, and enlightening. You won't regret reading it.
This entire book is mandatory r adding by any American enamored of the skyrocketing stock exchange today in 2017. Not to mention bitcoin which looks suspiciously like large scale speculation. Terrifying and prescience.
As I read this book in January 2009 I see many parallels to the 2008 crash. Both the housing boom of 2008 and the stock boom of 1929 were caused by heavy speculation on borrowed money. In 2008 almost anyone could get a mortgage and in 1929 there were billions used to run up margin to buy securities some with only 10% cash required. 10 to 1 leverage for stocks in 29', while some investment banks in 08' ran 20 to 1 leverage to invest in mortgage backed bonds both of these situations lead to catastrophe. Rockefeller came out in 29' to let the public know that he was picking up stocks at the great prices being offered in much the same way Warren Buffett would do in 08' then in both cases the markets continued to plunge. Strangely enough during this era Richard Whitney an ex-president of the New York Stock exchange: "unquestionably emerged as the Ponzi of financial self deception" using borrowed and invested money to reshuffle debt and investments much like Madoff in our modern error. The book does a great job telling the story of the stock market crash of 1929. You will learn that there were many rallies and rebounds and that it was not straight down. You will here how political leaders and prognosticators reassured the public that the "economy was sound". You will see how the crash brought to surface many frauds in the investment community. Surprisingly the suicides of this time period were greatly exaggerated in myth, with no more than the usual amount in the populace with a few high profile ones about the same as in 2008. Very simple easy to read book that will teach you about irrational exuberance, greed, and fear through the story of that fateful year of 1929.
Galbraith's 'The Great Crash of 1929' offers a good analysis of why the stock market crashed. The underlying point throughout the book is that an increasingly fragile financial sector created a speculative bubble which eventually popped.To be clear: Galbraith does not try to prove what caused the Great Depression. The first 3/5th of the books is on the follow up to the Great Crash, the next 1/5 on its aftermath, and the last 1/5 on how it contributed to the Great Depression. As an account of the Great Crash it uses easy to understand explanations, clearly written for laymen, centered around a compelling story. This means that more a sophisticated quantitative analysis, that would have presumably centered around Keyne's 'General Theory', is ignored. This is conventional in Galbraith's works where he tries to convey economic theory in a language that ordinary people can understand.The problems with Galbraith's analysis is; yes, he does ignore the Federal Reserve and largely omits changes in the money supply. While Friedman goes as far as to say monetary factors CAUSED the Great Depression most contemporary economist would disagree. The money hypothesis contributed to the depression but did NOT cause it. In hindsight Galbraith's tentative analysis of what caused the Great Depression is obviously incomplete but, ironically, more accurate than Friedman's monetary analysis.Someone wishing to understand the Great Depression should look elsewhere. People looking to understand the theoretical underpinnings of the business cycle and depressions should look elsewhere (ex: Keyne's 'General Theory' or the works of Hyman Minsky). If you are looking for a good explanation of the Great Crash Galbraith's work stands the test of time.
John Kenneth Galbraith's book on The Great Crash in 1929 is a short and vivid story about the causes leading to the stock market crash in October 1929. Reading it in February 2009, it is like a horror story. The description of the boom years, from 1925 to 1929, are very similar to today. Then people bought stocks on the margin, now they got houses. A main investment object was securitized stock loans, today it was CDOs bases on mortgages. Then, as now, capital was flowing to the US from the whole world to take part in the boom.Galbraith also spend some space to discuss why this particular crash led to The Great Depression, while most crashes don't get us into anything like that. That part is also very scary, 54 years after the writing. He claims that income distribution in 1929 was partly responsible. Today, it is almost as uneven. The credit and banking system was distorted in pretty much the same way as today. And the current account ran a deficit (however, far smaller than today).There is consolation in two important differences. The US is no longer on gold standard. That will probably prevent the devastating and long-lasting deflation from the Great Depression. And balanced budgets are not the holy grail of public finances, as it were in the 1930s (including under president Roosevelt).To anyone with the slightest interest of the mechanisms of booms and busts, I will recommend Galbraith's excellent work. There are naturally simplifications and political biases, but in a couple of hours reading, he offers a lot of understanding.
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