La Crise économique de 1929 John Kenneth Galbraith

ISBN: 9782228881104

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Paperback


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La Crise économique de 1929  by  John Kenneth Galbraith

La Crise économique de 1929 by John Kenneth Galbraith
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Rampant speculation, record trading volumes, assets bought not because of value but because buyers believe they can sell them for more in a day or two, or an hour or two. Welcome to the late 20s. There are obvious & absolute parallels to theMoreRampant speculation, record trading volumes, assets bought not because of value but because buyers believe they can sell them for more in a day or two, or an hour or two. Welcome to the late 20s. There are obvious & absolute parallels to the bull market of the late 90s, he writes in the 97 introduction.

Of course, every financial bubble since 29 has been compared to the Great Crash, which is why this book has never been out of print since being a 1955 bestseller.Galbraith writes with great wit & erudition about the perilous actions of investors & curious inaction of the government. He notes that the problem wasnt a scarcity of securities to buy & sell- the ingenuity & 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 90s, along with fragmented pieces of established companies, like real estate & bottling plants. Of course, the 20s were different from the 90s. There was no safety net below citizens, no unemployment insurance or Social Security. Today we dont have the creepy investment trusts--in which shares of companies that held some stocks & 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 & 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 (edited)



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