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The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929
The New York Times bestseller that tells the story of an overheated stock market and the financial disaster that led to the Great Depression of the 1930s.
A riveting living history about Black Tuesday, October 29, 1929. Captures the era, the intoxicating expectancy, the hope that ruled men's heart and minds before the bubble burst and the black despair of the decade that followed.
A riveting living history about Black Tuesday, October 29, 1929. Captures the era, the intoxicating expectancy, the hope that ruled men's heart and minds before the bubble burst and the black despair of the decade that followed.
504 pages, Hardcover
First published January 1, 1979
407 people are currently reading
861 people want to read
About the author
Gordon Thomas
119 books197 followersGordon Thomas (born 1933) is a Welsh author who has written more than fifty books.
Thomas was born in Wales, in a cemetery keeper's cottage where his grandmother lived. He had his first story published at nine years old in a Boy's Own Paper competition. With his father in the RAF, he traveled widely and was educated at the Cairo High School, the Maritz Brothers (in Port Elizabeth, South Africa) and, lastly, at Bedford Modern School. His first book, completed at the age of seventeen, is the story of a British spy in Russia during World War II, titled Descent Into Danger. He refused the offer of a job at a university in order to accompany a traveling fair for a year: he used those experiences for his novel, Bed of Nails. Since then his books have been published worldwide. He has been a foreign correspondent beginning with the Suez Crisis and ending with the first Gulf War. He was a BBC writer/producer for three flagship BBC programmes: Man Alive, Tomorrow's World and Horizon.
He is a regular contributor to Facta, the respected monthly Japanese news magazine, and he lectures widely on the secret world of intelligence. He also provides expert analysis on intelligence for US and European television and radio programs.His book Gideon's Spies: Mossad's Secret Warriors became a major documentary for Channel Four that he wrote and narrated: The Spy Machine. It followed three years of research during which he was given unprecedented access to Mossad’s main personnel. The documentary was co-produced by Open Media and Israfilm.
Gideon's Spies: Mossad's Secret Warriors has so far been published in 16 languages. A source for this book was Ari Ben-Menashe, a former Israeli intelligence agent, and legendary Israeli spy Rafi Eitan. According to Charles Foster in Contemporary Review: "Writers who know their place are few and far between: fortunately Mr Thomas is one of them. By keeping to his place as a tremendous storyteller without a preacher's pretensions, he has put his book amongst the important chronicles of the state of Israel."
Thomas was born in Wales, in a cemetery keeper's cottage where his grandmother lived. He had his first story published at nine years old in a Boy's Own Paper competition. With his father in the RAF, he traveled widely and was educated at the Cairo High School, the Maritz Brothers (in Port Elizabeth, South Africa) and, lastly, at Bedford Modern School. His first book, completed at the age of seventeen, is the story of a British spy in Russia during World War II, titled Descent Into Danger. He refused the offer of a job at a university in order to accompany a traveling fair for a year: he used those experiences for his novel, Bed of Nails. Since then his books have been published worldwide. He has been a foreign correspondent beginning with the Suez Crisis and ending with the first Gulf War. He was a BBC writer/producer for three flagship BBC programmes: Man Alive, Tomorrow's World and Horizon.
He is a regular contributor to Facta, the respected monthly Japanese news magazine, and he lectures widely on the secret world of intelligence. He also provides expert analysis on intelligence for US and European television and radio programs.His book Gideon's Spies: Mossad's Secret Warriors became a major documentary for Channel Four that he wrote and narrated: The Spy Machine. It followed three years of research during which he was given unprecedented access to Mossad’s main personnel. The documentary was co-produced by Open Media and Israfilm.
Gideon's Spies: Mossad's Secret Warriors has so far been published in 16 languages. A source for this book was Ari Ben-Menashe, a former Israeli intelligence agent, and legendary Israeli spy Rafi Eitan. According to Charles Foster in Contemporary Review: "Writers who know their place are few and far between: fortunately Mr Thomas is one of them. By keeping to his place as a tremendous storyteller without a preacher's pretensions, he has put his book amongst the important chronicles of the state of Israel."
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Displaying 1 - 30 of 52 reviews
January 29, 2009
This book, written in 1979, reads like a novel--great characters, lots of action. It informs about 1929, but the lessons are timeless. The parallels between 1929 and today are many and lead one to view modern events with grave concern and our government's actions with heightened scepticism.
April 22, 2025
It was well worth making it to the end of this enjoyable and informative book. Although a factual narrative it reads like a novel with the author making cḻever use of a dash of cynicism. The similarities between what happened in 1929 and the present day are thought provoking.
October 20, 2023
I read this book at the time it came out in 1979 in the original USA Double Day edition and enjoyed it immensely and when I discovered my local library system still had a copy I got hod of it and gave a quick read so that I could properly rate and review it and, despite how often I find older history books have aged badly, I was immensely impressed with how well this account of the crash of 1929 holds up.
This is probably because of the amount of research the authors did (by the way there is a co-author, Max Morgan-Witts) and because they managed to rack down and interview, if not the major participants, their children who had memories and documents, that flesh out this tale. It was, probably, the first 'popular' history the event that had done more than anything else to form the way the US financial markets, banks, etc. functioned in 1979.
I was very impressed with the perspective, knowledge and nuance the authors brought the tale, they are not simplistic. They debunk legends, such as the stories of brokers jumping out of windows, but also tell the real story of the suicides and ruined lives. It also touches on the ramifications of the crash on the rest of the world and how events elsewhere, the Hatry financial scandal in London, contributed to, but did not cause the crash. In the forty years since this book was written scholars have highlighted both longer roots to the crash, particularly the Florida real estate bubble, but this account can still be read with profit and enjoyment.
What is most interesting is that the authors wrote about the financial system that arose out of the reforms that were set up to prevent such an event occurring again as if they were set in stone. That they were self evidently good and a necessary protection for investors. The irony is of course that this book came out only a few years before Reagan began the process of dismantling almost all of the post 1929 Wall Street Crash regulations and government protection was replaced by the 'Market'. That the result would be a succession of scandals starting with the Savings & Loan debacle while Reagan was still in office and down to the sub prime crisis of 2008 would have surprised nobody who read this book. One of the consistent motifs in 1929 was that so many of the major players in the financial markets were certainly elastic in their understanding of financial probity when things were going well and dishonest when things got bad. The 'Market' was a facade hiding skulduggery in 1929 as much as it was and is today. Any young person reading the book is likely to be astounded that the financial mess we are in today has so many corollaries with the past.
With very mild caveats or warnings I would happily recommend this book for anyone to read today. It may not be the best popular history, but it is not a bad one.
This is probably because of the amount of research the authors did (by the way there is a co-author, Max Morgan-Witts) and because they managed to rack down and interview, if not the major participants, their children who had memories and documents, that flesh out this tale. It was, probably, the first 'popular' history the event that had done more than anything else to form the way the US financial markets, banks, etc. functioned in 1979.
I was very impressed with the perspective, knowledge and nuance the authors brought the tale, they are not simplistic. They debunk legends, such as the stories of brokers jumping out of windows, but also tell the real story of the suicides and ruined lives. It also touches on the ramifications of the crash on the rest of the world and how events elsewhere, the Hatry financial scandal in London, contributed to, but did not cause the crash. In the forty years since this book was written scholars have highlighted both longer roots to the crash, particularly the Florida real estate bubble, but this account can still be read with profit and enjoyment.
What is most interesting is that the authors wrote about the financial system that arose out of the reforms that were set up to prevent such an event occurring again as if they were set in stone. That they were self evidently good and a necessary protection for investors. The irony is of course that this book came out only a few years before Reagan began the process of dismantling almost all of the post 1929 Wall Street Crash regulations and government protection was replaced by the 'Market'. That the result would be a succession of scandals starting with the Savings & Loan debacle while Reagan was still in office and down to the sub prime crisis of 2008 would have surprised nobody who read this book. One of the consistent motifs in 1929 was that so many of the major players in the financial markets were certainly elastic in their understanding of financial probity when things were going well and dishonest when things got bad. The 'Market' was a facade hiding skulduggery in 1929 as much as it was and is today. Any young person reading the book is likely to be astounded that the financial mess we are in today has so many corollaries with the past.
With very mild caveats or warnings I would happily recommend this book for anyone to read today. It may not be the best popular history, but it is not a bad one.
May 14, 2013
As the subtitle indicates this is a social history of the crash of '29, not a forensic analysis from an economist's point of view. Thomas & Morgan-Witts do a good job of capturing the zeitgeist of the times, telling the individual stories of some of the era's major players - President Hoover, John D. Rockefeller, J.P. Morgan, Henry Ford, etc. - against a larger canvas of corruption and greed. It's worth seeking out a copy of this highly entertaining narrative.
May 15, 2019
So many windows into this era.
Yes, it is a long book. However, this book offers so many windows into the lives of these people. I think many views helps me understand the excitement of soaring 20’s. The whole wild west in the wall street shocked me. Yet, it was so intriguing and made me want to know more. It was an interesting era to take a look.
Yes, it is a long book. However, this book offers so many windows into the lives of these people. I think many views helps me understand the excitement of soaring 20’s. The whole wild west in the wall street shocked me. Yet, it was so intriguing and made me want to know more. It was an interesting era to take a look.
October 3, 2024
A really readable book on the wall street crash. It makes it come to life through stories about different people involved in the lead up and the day. The only negative is that it's perhaps longer than necessary.
March 1, 2018
Filled with lots of footnotes and credits. A slow read for me just to keep up with all the players.
Seems like it should be required reading. The Great Recession was nothing compared to the devastation another Great Depression would deliver.
Seems like it should be required reading. The Great Recession was nothing compared to the devastation another Great Depression would deliver.
January 5, 2018
i thoroughly enjoyed this book. it's like an engrossing mini-series packed into one book. there's so many colorful characters and nail-biting events, written by anyone else it could have fallen flat on it's bum. it was like being immersed in a (long) disaster movie but the erupting volcano is metaphorical. i was going to say 'and people don't die' but a few do from their own hands you'll have to read it to get what i mean.
warning, this is not a dip-into quick fix. it's a factual, well researched and in depth description of the Oct 1929 Wall Street crash with sub-stories of multi-millionaires, presidents, prime ministers, shoe shiners, bankers, crooks, bears, bulls, clairvoyants, housewives, journalists, Henry Ford, Winston Churchill and even the inventor of the electric light bulb. Ironically with this book, just like playing the stock market, to get the most out of it you need to invest. i took note of the main characters to keep track of their progress.
i'm going to see if anyone has made a movie script out of it since it would wipe the floor with 'the big short'. Finally, if the author wrote something about the financial crisis of 2007 i'd buy it instantly, but i fear it's too large a project to do twice in one life.
warning, this is not a dip-into quick fix. it's a factual, well researched and in depth description of the Oct 1929 Wall Street crash with sub-stories of multi-millionaires, presidents, prime ministers, shoe shiners, bankers, crooks, bears, bulls, clairvoyants, housewives, journalists, Henry Ford, Winston Churchill and even the inventor of the electric light bulb. Ironically with this book, just like playing the stock market, to get the most out of it you need to invest. i took note of the main characters to keep track of their progress.
i'm going to see if anyone has made a movie script out of it since it would wipe the floor with 'the big short'. Finally, if the author wrote something about the financial crisis of 2007 i'd buy it instantly, but i fear it's too large a project to do twice in one life.
July 20, 2025
Low five stars. Personal five stars too, especially with how the book stuck its landing. I can't help it when a simple throwback to either the start of the book or the book title makes me giddy; I just love tight narratives that way. In any case, any book that competently talks about a big financial event is at least four stars for me, given my personal interest. This certainly didn't turn out like other financial event books; it dipped quite a bit in the social scene besides the economic and financial scenes (which there were plenty). Known characters and companies dipped in and out of the spotlight. The fake-out day was described just as potently as the bubble pop day itself, perfectly reflecting the likely sentiment at that time. It's not a full five stars for me as personally I would have liked stories to have been followed all the way to maybe days before the crash, for a tighter sub-narrative, instead of what we got which is basically a month-to-month (or several months at a time) recap of all characters. Still, the main thesis was explained well and I appreciate the book for it.
March 20, 2025
Cu mare interes am descoperit pitorescul Wall Street-ului în timpul nebuniei din 1929. Autorii recunosc spășiți că nu le-au ajuns documentele, cărțile și filmele și că au vorbit cu cei care au trăit în mijlocul evenimentelor. Au mers la ei, la copii lor, le-au citit însemnările, caietele de notițe, au văzut deciziile luate și astfel au putut să contureze acea atmosferă de nebunie colectivă. Joia neagră este urmărită fotografic și parcă trăim chiar în acel moment! Totul perfect documentat și argumentat. "Wall Street. Istoria crahului din 1929" este o carte care nu se citește doar cu mare interes ci este o carte care îți acordă șansa de a simți atmosfera, de a fi acolo, pe caldarâmul străzii Wall Street, de a simți răsuflarea zgomotoasă a traderilor și de a vedea bucuria sau tristețea mulțimii de disperați din fața bursei. Au fost ani nebuni. Acum îi putem înțelege.
April 22, 2019
Can't say I understand all those high score reviews this books has received, based on which I dived into it.
It's a subject I'm really interested in and Thoma's approach seemed to give an alternative take to everything else I've read.
I found it to be, however, extremely long and slow. Thomas babbles on about stuff he doesn't know, usignt he "humanistic fiction" technique of describing scenes and thoughs he can't be aware of, like "X looking down the street and thinking Y and Z". This totally distracts, immediately puts the book's credibility in question and takes up so much space that the story moves at a snail's pace. A real pity, as I was really looking forward to reading it.
It's a subject I'm really interested in and Thoma's approach seemed to give an alternative take to everything else I've read.
I found it to be, however, extremely long and slow. Thomas babbles on about stuff he doesn't know, usignt he "humanistic fiction" technique of describing scenes and thoughs he can't be aware of, like "X looking down the street and thinking Y and Z". This totally distracts, immediately puts the book's credibility in question and takes up so much space that the story moves at a snail's pace. A real pity, as I was really looking forward to reading it.
March 6, 2020
Really in-depth profile of the financial personalities at the center of the 1929 crash and the hysteria the market caused in the general public. It is very engaging and the authors go to great lengths to research and understand each person's feelings and motivations at each stage.
It seems to focus solely on stock market trading and financial action and neglects to mention tariffs, poor agricultural production, and other causes of the depression. Overall a great look into human nature, the fallibility of experts, and shortsightedness of greed.
It seems to focus solely on stock market trading and financial action and neglects to mention tariffs, poor agricultural production, and other causes of the depression. Overall a great look into human nature, the fallibility of experts, and shortsightedness of greed.
December 15, 2025
more a look at the lives of players in the stock market and industry on the eve of the crash of 1929. Some are recognizable, like Henry Ford and Joe Kennedy; others are less so. Like watching festive partygoers on the precipice of an abyss and then falling into it. The shock of 1929 and the depression that followed changed the laissez-faire world for a new era of Roosevelt's New Deal and WWII. The country would have a transformation second only to the civil war. Fascinating to see characters at the site of this earthquake, some of whom were ruined by it.
February 16, 2018
I rarely give 5-Stars, but this book was worth it. A real page-turner. The authors use real people and their stories to explain the 1929 stock market crash, how it came to be, how it affected people differently, including average people and their families. It's a book that's hard to put down, even if you aren't interested in financial matters. It very much reads like a whodunit, keeping the reader in suspense throughout.
February 25, 2019
Fast paced and well written.
The book is very informative, with well researched facts and fascinating depictions of actual participants in the major economic collapse. Even though I knew little about the market, I found this book captivating. Brilliant depiction of lives large and small, and how they were impacted by the crash. I'm going to read it again as I know I'll get even more out of it.
The book is very informative, with well researched facts and fascinating depictions of actual participants in the major economic collapse. Even though I knew little about the market, I found this book captivating. Brilliant depiction of lives large and small, and how they were impacted by the crash. I'm going to read it again as I know I'll get even more out of it.
February 1, 2020
A look behind the sceans...
I really enjoyed this book. It gives a personal behind-the-scenes look at one of the biggest financial disasters in world history. I enjoyed reading what the characters were not only doing but what they were thinking in addition to what happened to them. A great read and a must read if you are interested in Learning what really happened "The Day the Bubble Burst".
I really enjoyed this book. It gives a personal behind-the-scenes look at one of the biggest financial disasters in world history. I enjoyed reading what the characters were not only doing but what they were thinking in addition to what happened to them. A great read and a must read if you are interested in Learning what really happened "The Day the Bubble Burst".
May 3, 2020
This book is a very interesting road map covering 12+ months leading up to the October 1929 stock market crash. It follows many players (sometimes I left perhaps too many as I got lost in keeping up) from the uber rich (Henry Ford, Jack Morgan) to the simple folk (shoeshine buy and mailman) and many in between. For a broad understanding of the times and how such a disaster could unfold in a different world at a different time, I highly recommend this book
December 28, 2023
Highly entertaining book with a number of interweaving narratives of people of varying backgrounds from the period. These range from poor bootleggers, to Joe Kennedy, to the members of the House of Morgan, to Henry Ford, to William Durant, to the founder of Bank of America, Amadeo Giannini, as well as others. It reads somewhat like a multi-perspective novel, but in keeping to the third person, and with an extensive well-researched use of quotes.
July 3, 2019
Depression
This is the best book I have ever read about the depression. It is specific about events as they occurred. The portrait of the major players, their role, and how it interacted with the depression was excellent. This book gives you the feel often exuberance of the time before the crash
This is the best book I have ever read about the depression. It is specific about events as they occurred. The portrait of the major players, their role, and how it interacted with the depression was excellent. This book gives you the feel often exuberance of the time before the crash
October 7, 2020
A history of the days leading up to the 1929 crash as expressed in the lives of several people impacted.
The book goes back and forth between the multiple storylines, which can be hard to keep up with at times. Aside from that, I thought this was great.
I found myself looking forward to reading it each day. Recommend.
The book goes back and forth between the multiple storylines, which can be hard to keep up with at times. Aside from that, I thought this was great.
I found myself looking forward to reading it each day. Recommend.
October 30, 2022
There are so many scary red flags in America’s current financial climate that parallel those of the 1920’s.
“To be ignorant of what occurred before you were born is to remain always a child. For what is the worth of human life, unless it is woven into the life of our ancestors by the records of history?” -Cicero
“To be ignorant of what occurred before you were born is to remain always a child. For what is the worth of human life, unless it is woven into the life of our ancestors by the records of history?” -Cicero
January 16, 2024
One of the better financial history books I've come across in awhile. Doesn't dwell on why the bubble burst, but focuses on how it happened, and who it happened to. Some of the language is a bit dated - lots of emphasis on points vs. percentages, but a good read if you want to know what 1929 felt like
July 2, 2025
Compulsive read
Well-written though at times the style ressembled a documentary with its "where are they now" feel. The personalities of the Crash have a vivid ess that keeps the reader engaged. That for me is the principal achievement of their book--the book is never dull or dragging.
Well-written though at times the style ressembled a documentary with its "where are they now" feel. The personalities of the Crash have a vivid ess that keeps the reader engaged. That for me is the principal achievement of their book--the book is never dull or dragging.
January 6, 2018
Human look at Manna falling from heaven and thru the floor
Author takes us down a troubled timeline of the 1929Wall Street crash through the eyes of the chief participants and their families eyes. Well written engaging the readers interest throughout.
Author takes us down a troubled timeline of the 1929Wall Street crash through the eyes of the chief participants and their families eyes. Well written engaging the readers interest throughout.
February 9, 2018
The book has great stories and information leading up to the crash, but doesn’t take
the individual’s stories in detail much beyond that. However that being said, it never
promised that either. Great read.
the individual’s stories in detail much beyond that. However that being said, it never
promised that either. Great read.
April 9, 2019
Great story... reads like a novel
Well written book on the stock market crash of October, 1929. Numerous biographies of colorful, historical characters, heavily involved in Wall Street. Their loves, their losses. Their eccentricities.
Well written book on the stock market crash of October, 1929. Numerous biographies of colorful, historical characters, heavily involved in Wall Street. Their loves, their losses. Their eccentricities.
April 21, 2019
Very Well Done
History is always the sum of the histories of the participants. This book takes this view and does seem excellent job off telling the stories of the bellwether participants. Entertain and informative.
History is always the sum of the histories of the participants. This book takes this view and does seem excellent job off telling the stories of the bellwether participants. Entertain and informative.
January 24, 2021
Outstanding!
Unlike so many economic histories of the crash, this book shows us the human face of financial history. This story is like so many dramas woven into a single, sobering day. We see ourselves reflected as in a mirror. A haunting meditation on human nature.
Unlike so many economic histories of the crash, this book shows us the human face of financial history. This story is like so many dramas woven into a single, sobering day. We see ourselves reflected as in a mirror. A haunting meditation on human nature.
August 3, 2023
great history and background
The book has so many characters! And the financial terms and strategies are difficult, even for me with 40 years as a CPA. It took me a long time to read this book. It is not a page-turner. But the info is so great!
The book has so many characters! And the financial terms and strategies are difficult, even for me with 40 years as a CPA. It took me a long time to read this book. It is not a page-turner. But the info is so great!
December 30, 2017
Amazing writing!
As someone who lost it in the 2007/2008 crash it got my juices flowing. History repeats with variations. Watch out fasten your belts a dazzling read!
As someone who lost it in the 2007/2008 crash it got my juices flowing. History repeats with variations. Watch out fasten your belts a dazzling read!
Displaying 1 - 30 of 52 reviews