Rainbow's End: The Crash of 1929 (Pivotal Moments in American History)

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. Publishers Weekly The first serious account of the Crash of 1929 was Only Yesterday, by Frederick Lewis Allen, published less than two years after the event and still in print. Disappointingly, Klein's effort is almost a chapter-by-chapter retelling of Only Yesterday, adding some research from the last 70 years but lacking Allen's firsthand knowledge and writing skill. Klein (The Life and Legend of Stephen Jay Gould) is an academic historian. His prose is pleasant enough, but he dashes hope of depth or rigor with the claim that the Crash cannot be explained by economics, or indeed by any observable historical forces, but by a change in national mood. This assumption permits him to focus on such topics as baseball batting averages, flagpole sitting and hemlines between 1900 and 1928. He also explores the "irrational exuberance" fostered by the period's colorful Wall Street personalities, men like Sunshine Charley Mitchell, the great, attention-seeking bond trader who headed National City Bank. Provocatively, he also observes the period's preoccupation with escape newly available through the automobile, the motion picture, sports and television and its economic impact.Yet Gordon Thomas and Max Morgan Witts analyzed the culture of the period more effectively in The Day the Bubble Burst. (Oct. 29) Forecast: There are many books on the 1929 market crash, but John Kenneth Galbraith's innovative and engaging The Great Crash of 1929 easily remains the best account for the general reader; those already knowledgeable about the Crash will find this account wanting. Klein is a prominent business historian, however, and the topic should garner some review coverage and sales. Copyright 2001 Cahners BusinessInformation. "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 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 it 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 was 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 precipitously."--Jacket. Contents......Page 10 Editors' Note......Page 12 Introduction: The Crash as Historical Problem......Page 14 Prologue: The Summer of Fun, 1929......Page 24 1 America the Bountiful......Page 42 2 The Club and the Street......Page 65 3 Plungers and Politicians......Page 84 4 The Birth of the Bull......Page 103 5 The Good Life......Page 124 6 The New Era......Page 144 7 The Culture of Greed......Page 168 8 Makin' Whoopee......Page 188 9 The Fall Follies......Page 213 10 Rainbow's End......Page 230 11 Over the Rainbow......Page 259 Epilogue: The Winter of Discontent, 1930......Page 276 Notes......Page 302 Selected Bibliography......Page 336 Acknowledgments......Page 346 A......Page 348 B......Page 349 C......Page 350 D......Page 352 F......Page 353 H......Page 355 K......Page 357 L......Page 358 M......Page 359 N......Page 360 P......Page 362 R......Page 363 S......Page 364 U......Page 366 W......Page 367 Y......Page 368 The Crash of '29 is one of the key moments in American, and indeed world history. This narrative historian addresses its effects on both business and society, and recreates the coming together of economic forces culminating in this disaster If it is true, as historian Jacques Barzun once observed, that "whoever wants to know the heart and mind of America had better learn about baseball," the 1920 season serves as a revealing emblem of both the country's past and its future. In this addition to the "Pivotal Moments in American History" series, a narrative historian recreates the Wall Street Crash of 1929 - a perfect storm of economic forces leading to disaster. Om det økonomiske sammenbrud efteråret 1929 på den amerikanske børs i New York, som blev indledningen til depressionen i 1930'erne