100 Years of Wall Street - Softcover

Geisst, Charles R.

3.73

26 ratings by Goodreads

Softcover

ISBN 10: 0071373527 ISBN 13: 9780071373524

Publisher: McGraw-Hill Inc.,US, 2001

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There is probably no other "street" in the world that is as influential as Wall Street. From robber barons to money trusts; the Depression to the great 1950s bull market; increased government regulation and war to the ongoing 1990s boom; from insider trading and fraud to antitrust suits; from J.P. Morgan, Michael Milken, Ivan Boetsky to Bill Gates, Wall Street is a site of history-making events and unforgettable figures. This book gives a decade-by-decade, pictorial eyewitness account of Wall Street's past, its people and events throughout the 20th century.

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Review:

For those who believe the internet-share explosion of the late 1990s is a once-in-a-lifetime opportunity, Charles R. Geisst in his 100 Years of Wall Street offers this perspective: it has all happened before. The halcyon days of the 1900s, 1920s and 1960s in the United States always drew innocents to market, much to their chagrin when the market eventually came crashing down in early 1900s, the 30s and the 70s.

For those who have chanted, "this time will be different", history suggests otherwise. But the good news is that the market always recovers to new, higher levels. The book is not a dry, statistical tome covering market trends, dips and recoveries. Instead, Geisst provides readers with fascinating insights into personalities as well as the common mood during market swoons. The author has unearthed many fascinating photographs and historical nuggets which bring to life advances in stock market technology and trends. The 177-page book is vividly illustrated with choice photographs.

While it covers the entire century, most focus is placed on the early days. During the 1900s, Geisst says, "America was in a buoyant mood". Andrew Carnegie had just sold his Carnegie Steel company to JP Morgan, one of Wall Street's wealthiest financiers. A panic ensued over trading in the newly formed US Steel. Nevertheless, the market recovered quickly and Morgan went on to forge other big companies, such as American Telephone and Telegraph. A second market air pocket was hit in 1907, while a full-blown collapse was averted due to quick thinking action by JP Morgan and the big banks of the time. This is reminiscent of the collective actions of the big US banks to avoid a depression after the collapse of the US hedge fund, Long-Term Capital Management, 90 years later.

Geisst, who previously authored Wall Street: A History, along with 10 other books, is both an historian and an investment analyst. He brings historical curiosity along with a keen understanding of what makes it relevant to his work today.

100 Years of Wall Street is an easy read and would be a great gift for those who have spent a lifetime investing, or those who have benefited from the boom of the last few years. --Bruce McWilliams

Review:

'Either of these two attractive, slightly oversize volumes could be suitably displayed by anyone fascinated by the worlds of business and investing. Moreover, these two books will be an absolute necessity for library reference shelves.' 'Filled with more than 150 photographs and illustrations interspersed with quotes and anecdotes and colorful storytelling, Geisst's chronology vividly captures Wall Street's most recent 100 years.' (Booklist 2000-01-21)

Decade-by-decade chronicle of events on the Street, with more than 150 illustratiions. (Associated Press 1999-12-21)

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