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Panic on Wall Street;: A history of America's financial disasters, by Robert Sobel
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The financial panics analyzed in this book illustrate the complexity of such events and that the causes are varied: political, military, economic, and even psychological.
- Sales Rank: #2255400 in Books
- Published on: 1968
- Ingredients: Example Ingredients
- Number of items: 1
- Binding: Hardcover
- 469 pages
Review
Panic on Wall Street stands as a solid foundation for later research on the topic. -- Turnarounds and Workouts, January 15, 2001 by Gail Owens Hoelscher
From the Publisher
Here is a book dealing with a subject endemic to many Eastern and Western countries — financial panic. Covering 12 of the most harrowing moments in American financial history from 1792 to 1962, it demonstrates that Wall Street and the public are at once the heroes, villains, and victims of past panics.
From the Inside Flap
... The episodes depicted were dramatic, had an impact on Americans of the time, and have generally been neglected by other financial historians. Some of the most notable are the Western Blizzard of 1857, the Great Crash of 1929, and the Kennedy Slide of 1962. Not all were catalysts for depressions, but they illustrate the complexity of such events and that the causes are varied: political, military, economic, and even psychological. This book is fascinating reading for anyone who fears that we could suffer through another financial panic.
Most helpful customer reviews
8 of 8 people found the following review helpful.
Superb recounting of financial panics throughout U.S. history
By Robert G.
Excellent resource for understanding the motivations and details of U.S. financial panics past. Look for the 1988 editon that includes commentary on the 1987 Crash: ISBN 0-525-48404-3. Later edition is simply a reprint of the original 1968 text without this information. Also highly recommended: Devil Take the Hindmost by Edward Chancellor and Dying of Money by Jens Parsson (long out-of-print) for the hyperinflatiory events of Weimar Republic, Germany.
0 of 1 people found the following review helpful.
A Wonderful and Informative Book!
By Stephen Jansen
This was an amazing book to read and it providing a very exciting analysis of historical financial disasters. I highly recommend it to anyone interested in macro-economics.
4 of 4 people found the following review helpful.
A Concise History of Economic Depressions
By Acute Observer
Panic on Wall Street, Robert Sobel
Robert Sobel is an assistant professor of history at Hofstra University and has written other books. The `Conclusions' of this 1968 book lists the many causes blamed for financial panics (or depressions). Most are symptoms of the problem, which is a lack of money to buy what people want. This can be caused by crop failure (the weather), war (its destruction), or plague (sick or dead people consume less). A mismatch between production and consumption is the obvious symptom ("under-consumption"). While human error can account for some of these, all people are not fools. [Or so I assume.] Can a totally managed society prevent this? Yes (on paper). But every plan has a flaw: it is based on the past and does not address the changes that have occurred since the plan was written. It can't account for fickleness in popular tastes.
Is it caused by a lack of knowledge of conditions or optimism (p.409)? Sobel blames "weaknesses in the financial structure", yet the Federal Reserve did nothing to prevent the Savings & Loan crisis of the 1980s, the High-Tech Stock scams or bubble in the 1990s, or the destruction in manufacturing that followed NAFTA in the late 1990s. This destroyed more industry than by enemy action during the World Wars. The Federal Reserve System helped to cause the Great Depression after 1929 (they did not prevent bank runs as in England). When there is an economic depression small businesses are likely to fail, their loss of customers is a gain for big businesses. Now that small businesses are mostly destroyed by the Fed's policies who can be sacrificed now? Small grocery stores are mostly a distant memory, so too many mid-size manufacturers. "A Note on Sources" lists the many books that go into more details. The "General Bibliography" lists all the books by author order.
The `Contents' list the twelve panics. It can not list the problems that followed Nixon's devaluation of the dollar in 1971. Could a newer edition cover the last forty tumultuous years?
1) "William Duer and the Panic of 1792" resulted from speculation in bank stocks whose value declined.
2) "The Crisis of Jacksonian Finances:1837" resulted from land speculation paid for by paper money (bank notes).
3) "The Western Blizzard of 1857" followed a drop in gold and cotton production that affected the economy.
4) "The Circus Comes to Town: 1865-69" tells about the free market in stock speculation. Jay Gould tried to corner the gold market but failed.
5) "Crisis of the Gilded Age: 1873" tells about overproduction of wheat and falling prices that impoverished farmers, railroads, and steel production.
6) "Grant's Last Panic: 1884" resulted from falling prices and bankruptcies that spread like a chain reaction.
7) "Grover Cleveland and the Ordeal of 1893-1895" occurred during the worst economic depression of the 19th century for the farmers and miners of America (p.235).
8) "The Struggle of the Titans: the Northern Pacific Corner of 1901" resulted from speculation on the market that led to failures.
9) "The Knickerbocker Trust Panic of 1907" followed attempts to corner the copper market (p.309). Bank runs and bankruptcies resulted.
10) "The Year the Stock Market Closed: 1914" followed the start of the war in Europe and the withdrawal of cash from banks (p.335) and the loss of trade (p.339).
11) "1929: The Making of the Myth" marked a turning point in American history. The farm situation was weak (p.353), credit purchases increased, and stock prices were rising due to margin accounts (p.356). Some foresaw a terrific crash (p.367). The Federal Reserve raised its rate for borrowed money (p.368). The crash came in October 1929.
12) "The Kennedy Slide: 1962" tells how much money went into bonds rather than stocks because of low yields (p.407). A belief of lower returns affected stocks (p.411). There was a 27% loss in paper values.
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