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Norton Essays in American History
The Great Bull Market: Wall Street in the 1920's
Several books have been written on the crash itself but none before has dealt with events leading up to it.
The era of the 1920s was one of economic growth, and not merely tinsel and ballyhoo. For most of the period, stock market prices were not unreasonably high and investment capitalism matured and took on its present-day power. It was Wall Street's silver age.
It was also and age of time purchases and of buying stocks on margin; an age when both practices were abused, but when Wall Street was no worse than Main Street. It was a period when government would not take major steps to correct the abuses and excesses. The few decisions made by the Federal Reserve were neither timely nor wise. A head of steam was building up for which there was no safety valve.
When the great crash came it was not directly followed by an economic collapse. During the next year, government and business did nothing of importance to prevent the depression, whose severity could not be attributed to Wall Street.
The era of the 1920s was one of economic growth, and not merely tinsel and ballyhoo. For most of the period, stock market prices were not unreasonably high and investment capitalism matured and took on its present-day power. It was Wall Street's silver age.
It was also and age of time purchases and of buying stocks on margin; an age when both practices were abused, but when Wall Street was no worse than Main Street. It was a period when government would not take major steps to correct the abuses and excesses. The few decisions made by the Federal Reserve were neither timely nor wise. A head of steam was building up for which there was no safety valve.
When the great crash came it was not directly followed by an economic collapse. During the next year, government and business did nothing of importance to prevent the depression, whose severity could not be attributed to Wall Street.
- GenresHistoryNonfictionFinance
176 pages, Paperback
First published July 1, 1968
86 people want to read
About the author
Robert Sobel
90 books18 followersRobert Sobel was an American professor of history at Hofstra University, and a well-known and prolific writer of business histories. He was also a chess Master, who represented the United States at the 1957 and 1958 Student chess Olympiads; he defeated thirteen-year-old future World Champion Bobby Fischer at Montreal 1956.
Despite his prolific writings in business history, he is most famous for his single novel, For Want of a Nail, an alternate history of the United States.
Despite his prolific writings in business history, he is most famous for his single novel, For Want of a Nail, an alternate history of the United States.
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Displaying 1 - 3 of 3 reviews
September 28, 2017
Great concise look at the causes and effects of the 1920s stock market. A place where everyone tried to be a millionaire over night. But it all came to an end in 1933 with the passage of the SEC.
Thinking back to 2008, it seems it takes only a generation to forget why regulations were put in place. History doesn't repeat itself. Man just choses to forget.
Thinking back to 2008, it seems it takes only a generation to forget why regulations were put in place. History doesn't repeat itself. Man just choses to forget.
February 9, 2025
Great summary of an inflection point in American history. Introduction of consumer credit, advancements in technology, expansion of margin investing, and early days of FOMO mentality, the question remaining at the end is what role the crash played in the ensuing depression. Was surprised to learn that Black Monday, at the time, wasn’t seen as nearly the historic event that it is now remembered as. Concluding chapter worth a re-read.
March 28, 2021
4.5 stars
Displaying 1 - 3 of 3 reviews