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Startseite
The Great Crash: 1929
von: Mariner Books
Amazon.de Preis: EUR 9,00 Preisänderungen möglich.
Verfügbarkeit: Gewöhnlich versandfertig bei Amazon in 24 Stunden
Bindung: Taschenbuch
Dewey-Dezimalklassifikation: 338.54097309043
EAN: 9780395859995
Ausgabe: Reprint
ISBN: 0395859999
Label: Mariner Books
Hersteller: Mariner Books
Anzahl Seiten: 224
Erscheinungsdatum: April 30, 1997
Herausgeber: Mariner Books
Studio: Mariner Books
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Produktbeschreibung:
Amazon.co.uk:
Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s in the US. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.
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, Amazon.com
Amazon.com:
Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.
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
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Durchschnittliche Bewertung: 
Bewertung:  -
Galbraith is one of my all-time favorite authors. It's not only his very elegant prose (before reading Galbraith, I didn't know that books about economics can be fun and even hilarious.) Galbraith, himself a Harvard Professor, is able to explain economic problems and elucidate technical dicussions - perhaps "to teach about economics" would be a more suitable expression - even to non-economists like me.
This book dwells on the subject of speculation and the economic crisis it caused in 1929. Needless to say, the topic of speculation and economic crises recurrently becomes important (e.g. the 1987 crash, the 1997 Asian crisis, the 2008-2009 crisis).
This book is closely related to the same author's "A Short History of Financial Euphoria". But whereas the former deals specifically with the 1929 crisis, the latter is a rather brief study of speculation in general. On the one hand, if you want an introduction to the subject, "A Short History of Financial Euphoria" might be the best choice, but if you want an in depth analysis, go for "The Great Crash 1929"; on the other hand, these are complimentary books so reading both is also a good idea. Yet if have to chose between both books, I would recommend "The Great Crash 1929".
Bewertung: -
Having lived through the crash of the dot-com stocks, I thought it was particularly appropriate to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.
With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.
I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.
Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the ... weiter
Bewertung: -
You want to know how irrational and unpredictable the stock market can be? Read this book. Written in easy-to-read language, it is digested almost as easily as a mystery novel, and yet provides a deep insight into the dramatic events of 1929, and gives an invaluable historic lesson. You can clearly see the parallels between events preceding market collapse in 1929 and today high-tech stock market boom - "...there is here a basic and recurrent process. It comes with rising prices, whether of stocks, real estate, works of art or anything else. This increase attracts attention and buyers, which produces the further effect of even higher prices. Expectations are thus justified by the very action that sends prices up. The process continues; optimism with its market effect is the order of the day. Prices go up even more. Then, for reasons that will endlessly be debated, comes the end. The descent is always more sudden than the increase; a balloon that has been punctured does not deflate in an orderly way." Book goes on to describe the inaction of the Federal Reserve, trade on margin, mergers, Florida real estate boom, investment trusts, leverage, short selling, and so on. Yet, you do not need to be a financial whiz to understand it. This is definitely a 5-star book.
Bewertung:  -
Although not claiming to be able to predict a market crash, Galbraith tells the reader, "the phrases are the same: 'The economic situation is fundamentally sound' or simply 'The fundamentals are good.' All who hear these words should know that something is wrong" (Intro-XIV). He drills this into the minds of the reader, from the introduction till the end of the book. The last two words printed in the book are "fundamentally sound" (194). This must be one of his main points, as it seems to appear every five to ten pages.
Galbraith also seems to have a "holier-than-thou attitude" that is consistent throughout the book, and reminds me of "the blind leading the blind." He talks as if Americans are stupid and for them to try to figure out the market is way beyond their means. This can be clearly seen in the introduction to the book when he writes, "There is now far more money flowing into the markets than there is intelligence to guide it" (XII). He speaks as if he has it all figured out and we (the readers) are stupid to even try. The reality is that the Wall Street brokers don't have it figured out, either. The only reason they do any better than the average investor is that they are around to hear all of the whisper that surrounds the market. As far as I can tell, the market is like collecting baseball cards-it doesn't really matter how well or how poorly the company does as long as it is the hot item of the day. The brokers then put on a game face to convince ... weiter
Bewertung: -
Galbraith has established himself as a great writer of fiction, second only to Angly's "Oh Yeah!", whom he cites heavily. My question is, why not publish Angly's original book instead?
As for as the Literacy of those who praise Galbraith, try spelling HABSBURG correctly! The name, when spelled with a P is meant as an insult, much the same as Farah-Khanzeer would be to Farakhan.
For the Facts, see Rothbard's book on the subject. At least Rothbard comes to the right conclusions that the Hoover GOVERNMENT caused the Depression, and the fdr GOVERNMENT needlessly prolonged it, emphasis on GOVERNMENT!
PS. I must appologize for giving this book a rating of ONE STAR. ZERO STARS is more like it.
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