Rainbow End The Crash of 1929 Oxford University Press Pivotal Moments in US History (Audible Audio Edition) Maury Klein Sean Crisden Audible Studios Books
Download As PDF : Rainbow End The Crash of 1929 Oxford University Press Pivotal Moments in US History (Audible Audio Edition) Maury Klein Sean Crisden Audible Studios Books
The first major history of the Crash in over a decade, Rainbow's End tells the story of the stock market collapse in a colorful, swift-moving narrative that blends a vivid portrait of the 1920s with an intensely gripping account of Wall Street's greatest catastrophe.
The book offers a vibrant picture of a world full of plungers, powerful bankers, corporate titans, millionaire brokers, and buoyantly optimistic stock market bulls. We meet Sunshine Charley Mitchell, head of the National City Bank, powerful financiers Jack Morgan and Jacob Schiff, Wall Street manipulators such as the legendary Jesse Livermore, and the lavish-living Billy Durant, founder of General Motors. As Klein follows the careers of these men, he shows us how the financial house of cards gradually grew taller, as the irrational exuberance of an earlier age gripped America and convinced us that the market would continue to rise forever. Then, in October 1929, came a "perfect storm"-like convergence of factors that shook Wall Street to its foundations. We relive Black Thursday, when police lined Wall Street, brokers grew hysterical, customers "bellowed like lunatics," and the ticker tape fell hours behind. This is followed by the even worse Bloody Tuesday, when an irrational desire to sell at any price gripped the market and even blue chip stocks plummeted precariously. This compelling history of the Crash--the first to follow the market closely for the two years leading up to the disaster--illuminates a major turning point in our history.
Rainbow End The Crash of 1929 Oxford University Press Pivotal Moments in US History (Audible Audio Edition) Maury Klein Sean Crisden Audible Studios Books
Having read Mr. Klein's "A Call To Arms" I knew what I was in for with this highly detailed and minutia-filled account of the economy, markets and most importantly the people involved in the 1920's Stock Market. This is more of an economics text than a piece of light reading, unless, like me you are a history buff, possess an MBA in Economics, and are an investor. If you are any of the former, this will definitely put some very interesting information in your pocket for the next time you sit down with your fellow economists. You may even keep them awake!Product details
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Rainbow End The Crash of 1929 Oxford University Press Pivotal Moments in US History (Audible Audio Edition) Maury Klein Sean Crisden Audible Studios Books Reviews
Rainbow's End, by Maury Klein could have been a good book. In fact, it should have been a great historical read about America during the Roaring Twenties, leading up to and precipitating the Crash and the Depression. But Klein falls far short and disappoints with this entry into the "Pivotal Moments in American History" published by the Oxford University Press. This volume seemingly couldn't decide whether to be decidedly research based or, as with others in this series, to be a narrative form "that can be read for pleasure and instruction by anyone with an interest in its subject", according to it editors, David Hackett Fischer and James M. McPherson.
The book's prologue "The Summer of Fun, 1929" is clearly its highlight, certainly a dubious distinction. "In the summer of 1929 much of America was on an artificial high. It was a high born not of drugs but of an illusion that the prosperity and the good times then being enjoyed were made of new miracle ingredients that would last forever." Klein paints a vivid portrait of life in America in his early pages but sadly does not follow along in that form.
Throughout the book the reader cannot help but think that this is more of a reporter giving much more detail than needed, literally day by day of the Dow and the New York Times Index, often in the absolute and without percentages so one gets a relative idea of what was going on. Additionally, and quite strangely, Klein doesn't weave into his writing the many causes of the Crash and also poorly differentiates between the Crash and the Depression. One gets the idea that if he were to take out long and seemingly unrelated passages such as one on Evangelist Aimee Semple McPherson and much of the above mentioned ticker tape readings he would have had ample room to discuss not only the causes and effects of the Crash but also would have been able to maintain the narrative style in the beginning of Rainbow's End.
To Klein's credit he does a very good job with the Coolidge and Hoover administrations and in his discussions on the nascent stages of the Federal Reserve. He also drives home the point of a much smaller federal government role in the years prior to FDR and its lack of ability to "rescue" a calamitous market and the resultant depressed economy, "Federal purchase of goods and services totaled about 1.3 percent of GNP and federal construction a tiny 2 percent, hardly enough to serve as a prime stimulant".
Perhaps the saddest part of this writing is that, in its current form, much could be done to improve it. Little to no additional research is needed. Just a rewrite and more color and less droning on and on about redundant economic and market statistics. This book, in its research and obvious talents of its author, fails to make an interesting topic captivating to the reader. Clearly a laggard in this fabulous series.
We have all heard the story of the stock market crash of 1929 but few as myself never knew who all the major players were and certain events that helped bring on the inevitable crash. I learned so much about those powerful holders of mass wealth and there businesses that I never knew of before reading the book. It's a very good historical look into a time gone by with a underlying message of no matter how wealthy one is it can all be lost almost overnight.
Many of us forget, that there have been plutocrats and oligarchs since sea shells were trading mediums, and much like today, there were always those who were looking to "Get Rich Quick", or to not pay their fair share in taxes. The result was that many common everyday people, paid for their lack of understanding and attention, with the loss of their futures, their houses, their jobs and sometimes their lives. When youread this little book, and a good one it is, you will realize that when you fail to regulate wisely and consistently, when you allow people to make money without the sweat of theor own browns, in sums that exceed comprehension, you realize whyGreat Depressions, Real Estate Bubbles, and Fiscal Cliffs spring up to realign our priorities. Back in 1929 there was no Securities and Exchange Commission, no Federal watchdogs, and the various states were unable to do anything to restraign the interstate (now multinational) corporations, and the result was pretty much 12 years of chaos and desperation.... With this book under your beelt, or at least on your bookshelf, you may well be wiser and hopefully better prepared to read the signs of the times....
I really enjoyed this book both because of the writing style and content.
The writing style is a strong narrative with various good characters and events, and is written to show the points of views of many people (from various walks of life) who participated in, and were affected by, the big crash. To me, it was a fun and engaging read, not at all tedious like so many financial and/or history books.
The content of the book was 3/4 on the main story, and about 1/4 on the reference list, so the book content is definitely rooted in the reality and newpapers and sources of the time. I liked how the author did such a good job of weaving quotes from the historical record into the narrative -- it usually felt that I was right there, listening to a reporter or someone who was relating yesterday's news (hot off the press) and providing insightful analysis.
I see that other reviewers do not favour this book as much as Galbraiths book (or others), mostly it seems because this book does not contain the super-detail or academic analysis that the other books do. From my point of view, the "lack" of endless analytical detail is a good thing, not a bad thing.
This book was intended to be a story from the people's point of view, with many quotes from the newspapers and people of the time, very readable and accessible to anyone who wanted a story about the 1920s, the moods and trends of the time, and about the crash event itself. And I think the book does an excellent job of achieving its goal.
I would definitely recommend this book to my friends, or anyone who is interested in the people and moods of the 1920s and the crash. I really enjoyed it.
Having read Mr. Klein's "A Call To Arms" I knew what I was in for with this highly detailed and minutia-filled account of the economy, markets and most importantly the people involved in the 1920's Stock Market. This is more of an economics text than a piece of light reading, unless, like me you are a history buff, possess an MBA in Economics, and are an investor. If you are any of the former, this will definitely put some very interesting information in your pocket for the next time you sit down with your fellow economists. You may even keep them awake!
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