Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s in the US. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell: "The ingenuity and 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 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and 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 and 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, Amazon.com

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

History repeats itself, 03 Nov 2008
Years ago, I read this book about the Great Depression as 'oral history.' I've just re-read it during October, 2008 and, believe me, it now resonates in a completely different way.

"Today (1970s), if you want to buy $100 worth of stock, you have to put up $80 and the broker will put up $20. In those days (just before the stock market crash in 1929) you could put up just $8 or $10. That was really responsible for the collapse. The slightest shake-up caused calamity because people didn't have the money required to cover the other $90 or so."

"It was a mad dream of get-rich-quick."

Credit crunch? Nothing new, then. Back then, as now, ordinary people tried to live way above their means, assuming the good-times bubble would never burst.

And then, as now--it did.

When Mr Terkel compiled these interviews back in 1970, most of the interviewees were assuming a crash wouldn't happen again. It might not have done, if the financial controls over lending practices begun during Roosevelt's administration had not been removed by Bill Clinton during his term as president ...and enthusiastically endorsed by the Republicans ever since.

It's also interesting to read about Roosevelt's New Deal solution, and compare it to Gordon Brown's present plan to 'spend' the UK out of recession. Essentially the same idea. Perhaps the Prime Minister has read Studs Terkel? Whether the same kind of plan will work once again remains to be seen.

This is a fascinating book, with much to tell us about our own time, as well as 'what happened then.' Furthermore, it's written in a lively, accessible manner, with individual voices captured clearly and unambiguously.

These are people found on streets and in offices of cities and small-town USA alike, from various professions, people who served in the Depression-Era government, from the unemployed, from miners, farmers, from left and right-wing organisations, from black folk and white folk, men, women, students, singers, artists, teachers, lawyers, economists, stockbrokers and journalists, preachers and corporate executives. Some interviewees are famous--Myrna Loy, Alf Landon, Cesar Chavez, Country Joe McDonald--others obscure or simply forgotten in a later era. Many had lived through the Depression themselves, a few were born later, but all were willing to talk about the Great Depression with Mr Terkel.

As oral history of a specific time and place, Hard Times can't be faulted. As a reflection upon our present financial crisis, it's incredibly instructive. It's a must-read.

Hard Times is a delightfully entertaining book, 25 Apr 1999
I had to read Studs Terkel's "Hard Times" for school. At first it seemed confusing and long b/c there where no main characters and it was 462 pages. I was surprised to sincerely enjoy it. It was a captivating book with many fascinating stories. I liked the way the book shows you all aspects of the Depression from people with all different lifestyles.

Studs Hit It Again in Nostalgia, 05 Nov 1998
I like Studs, he is great. This book is a lot like others of his wherein he takes a taperecorder and asks people questions and then makes a book of it. The best part is that Studs knows a lot of people and so he can call up and ask a lot of questions. Whatever, you will enjoy this book, and order it from Amazon.com where you will get the best price unless you find it in the garbage bin.

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

History repeats itself, 03 Nov 2008
Years ago, I read this book about the Great Depression as 'oral history.' I've just re-read it during October, 2008 and, believe me, it now resonates in a completely different way.

"Today (1970s), if you want to buy $100 worth of stock, you have to put up $80 and the broker will put up $20. In those days (just before the stock market crash in 1929) you could put up just $8 or $10. That was really responsible for the collapse. The slightest shake-up caused calamity because people didn't have the money required to cover the other $90 or so."

"It was a mad dream of get-rich-quick."

Credit crunch? Nothing new, then. Back then, as now, ordinary people tried to live way above their means, assuming the good-times bubble would never burst.

And then, as now--it did.

When Mr Terkel compiled these interviews back in 1970, most of the interviewees were assuming a crash wouldn't happen again. It might not have done, if the financial controls over lending practices begun during Roosevelt's administration had not been removed by Bill Clinton during his term as president ...and enthusiastically endorsed by the Republicans ever since.

It's also interesting to read about Roosevelt's New Deal solution, and compare it to Gordon Brown's present plan to 'spend' the UK out of recession. Essentially the same idea. Perhaps the Prime Minister has read Studs Terkel? Whether the same kind of plan will work once again remains to be seen.

This is a fascinating book, with much to tell us about our own time, as well as 'what happened then.' Furthermore, it's written in a lively, accessible manner, with individual voices captured clearly and unambiguously.

These are people found on streets and in offices of cities and small-town USA alike, from various professions, people who served in the Depression-Era government, from the unemployed, from miners, farmers, from left and right-wing organisations, from black folk and white folk, men, women, students, singers, artists, teachers, lawyers, economists, stockbrokers and journalists, preachers and corporate executives. Some interviewees are famous--Myrna Loy, Alf Landon, Cesar Chavez, Country Joe McDonald--others obscure or simply forgotten in a later era. Many had lived through the Depression themselves, a few were born later, but all were willing to talk about the Great Depression with Mr Terkel.

As oral history of a specific time and place, Hard Times can't be faulted. As a reflection upon our present financial crisis, it's incredibly instructive. It's a must-read.

Hard Times is a delightfully entertaining book, 25 Apr 1999
I had to read Studs Terkel's "Hard Times" for school. At first it seemed confusing and long b/c there where no main characters and it was 462 pages. I was surprised to sincerely enjoy it. It was a captivating book with many fascinating stories. I liked the way the book shows you all aspects of the Depression from people with all different lifestyles.

Studs Hit It Again in Nostalgia, 05 Nov 1998
I like Studs, he is great. This book is a lot like others of his wherein he takes a taperecorder and asks people questions and then makes a book of it. The best part is that Studs knows a lot of people and so he can call up and ask a lot of questions. Whatever, you will enjoy this book, and order it from Amazon.com where you will get the best price unless you find it in the garbage bin.

Great political history of America in depression and war, 04 Sep 2005
There is much to like about David Kennedy's history of the United States during the 1930s and early 1940s. His book is an excellent overview of the political and economic history of the period. His examination of the New Deal is both insightful and judicious, while his description of America in the Second World War is gripping and informative. Throughout the book Kennedy offers a penetrating analysis of events, discerning approaches that reshaped many of the fundamental relations that existed between the American people and their government.

Yet in some respects the volume is something of a disappointment. The book is a contribution to the superb 'Oxford History of the United States' series, which has set a high standard with its earlier volumes. It is by this measure that Kennedy's book is wanting; it is hardly the comprehensive examination of its topic that the earlier volumes were, as his focus on politics and economics gives short shrift to American culture and society during the period. Moreover, his prose often seems excessively grandiose. Efforts to create soaring metaphors often become too labored and fall flat, making for a stark contrast with the clear descriptions and jargon-free analysis they buttress.

Nevertheless, Kennedy's achievement with this book is impressive. He has provided a well-written account of America's efforts to deal with some of the greatest challenges that the nation ever faced. Readers seeking a history of the period would be hard pressed to find a better and more readable book with which to start.

Top-notch account of the period, 26 Apr 2002
A vast, illuminating study of an extraordinary period in American history, "Freedom From Fear" is not just very sound in its judgements but is written with great verve, making it a highly enjoyable read. Unlikely to be improved on for many years.

A monumental historical work., 11 Jun 1999
Professor Kennedy has given us a monumental work on a critical period in the history of the United states and the world. Kennedy displays an intuitve understanding of the causes of the great depression. He gives us a new and positive inter- pretation of Herbert Hoover. In Kennedy's view the ''Great Engineer'' is a closet liberal who paved the way for the new deal. Kennedy clearly is an admirer of Franklin Roosevelt,but is not blind to his hero's shortcomings. The author frankly admits that the new deal did not end the depression and that during WWII Roosevelt was decieved by Joseph Stalin. Kennedy gives a superb account of the political radicalism of the thirties complete with unforgetable portraits of Huey Long and Father Coughlin. The account of the second world war also rises to the occassion. I found this book to be a fascinating read and I highly reccomend it. Thank you Professor Kennedy.

A magnificent history, especially strong on the Depression, 24 May 1999
Kennedy's prose surges to climax after climax as he takes the reader through the traumas and transitions of Depression and World War 2. He is especially good capturing the social calamities of the Depression, the labor struggles and the brave tentativeness of the New Deal (to at least secure the lives of the citizenry, in the absence of a successful economic remedy). The book is revealing on many matters: the radicalism of politics in the mid to late1930s (a 2% 'magic' tax advocated back then resurfaced in Australian fringe politics only recently ); the focus by Americans on the Depression as an internal issue; and the chimeral character of Roosevelt. The half of the book devoted to the War does not flag, but there is less insight into the lives of those at the 'home front' and perhaps too much battle description. Against that, the account of the nation's reluctant shift from isolationism into world conflict is superbly done. In the wonderful Oxford series so far, Freedom From Fear stands beside the great Civil War volume, Battle Cry of Freedom.

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

History repeats itself, 03 Nov 2008
Years ago, I read this book about the Great Depression as 'oral history.' I've just re-read it during October, 2008 and, believe me, it now resonates in a completely different way.

"Today (1970s), if you want to buy $100 worth of stock, you have to put up $80 and the broker will put up $20. In those days (just before the stock market crash in 1929) you could put up just $8 or $10. That was really responsible for the collapse. The slightest shake-up caused calamity because people didn't have the money required to cover the other $90 or so."

"It was a mad dream of get-rich-quick."

Credit crunch? Nothing new, then. Back then, as now, ordinary people tried to live way above their means, assuming the good-times bubble would never burst.

And then, as now--it did.

When Mr Terkel compiled these interviews back in 1970, most of the interviewees were assuming a crash wouldn't happen again. It might not have done, if the financial controls over lending practices begun during Roosevelt's administration had not been removed by Bill Clinton during his term as president ...and enthusiastically endorsed by the Republicans ever since.

It's also interesting to read about Roosevelt's New Deal solution, and compare it to Gordon Brown's present plan to 'spend' the UK out of recession. Essentially the same idea. Perhaps the Prime Minister has read Studs Terkel? Whether the same kind of plan will work once again remains to be seen.

This is a fascinating book, with much to tell us about our own time, as well as 'what happened then.' Furthermore, it's written in a lively, accessible manner, with individual voices captured clearly and unambiguously.

These are people found on streets and in offices of cities and small-town USA alike, from various professions, people who served in the Depression-Era government, from the unemployed, from miners, farmers, from left and right-wing organisations, from black folk and white folk, men, women, students, singers, artists, teachers, lawyers, economists, stockbrokers and journalists, preachers and corporate executives. Some interviewees are famous--Myrna Loy, Alf Landon, Cesar Chavez, Country Joe McDonald--others obscure or simply forgotten in a later era. Many had lived through the Depression themselves, a few were born later, but all were willing to talk about the Great Depression with Mr Terkel.

As oral history of a specific time and place, Hard Times can't be faulted. As a reflection upon our present financial crisis, it's incredibly instructive. It's a must-read.

Hard Times is a delightfully entertaining book, 25 Apr 1999
I had to read Studs Terkel's "Hard Times" for school. At first it seemed confusing and long b/c there where no main characters and it was 462 pages. I was surprised to sincerely enjoy it. It was a captivating book with many fascinating stories. I liked the way the book shows you all aspects of the Depression from people with all different lifestyles.

Studs Hit It Again in Nostalgia, 05 Nov 1998
I like Studs, he is great. This book is a lot like others of his wherein he takes a taperecorder and asks people questions and then makes a book of it. The best part is that Studs knows a lot of people and so he can call up and ask a lot of questions. Whatever, you will enjoy this book, and order it from Amazon.com where you will get the best price unless you find it in the garbage bin.

Great political history of America in depression and war, 04 Sep 2005
There is much to like about David Kennedy's history of the United States during the 1930s and early 1940s. His book is an excellent overview of the political and economic history of the period. His examination of the New Deal is both insightful and judicious, while his description of America in the Second World War is gripping and informative. Throughout the book Kennedy offers a penetrating analysis of events, discerning approaches that reshaped many of the fundamental relations that existed between the American people and their government.

Yet in some respects the volume is something of a disappointment. The book is a contribution to the superb 'Oxford History of the United States' series, which has set a high standard with its earlier volumes. It is by this measure that Kennedy's book is wanting; it is hardly the comprehensive examination of its topic that the earlier volumes were, as his focus on politics and economics gives short shrift to American culture and society during the period. Moreover, his prose often seems excessively grandiose. Efforts to create soaring metaphors often become too labored and fall flat, making for a stark contrast with the clear descriptions and jargon-free analysis they buttress.

Nevertheless, Kennedy's achievement with this book is impressive. He has provided a well-written account of America's efforts to deal with some of the greatest challenges that the nation ever faced. Readers seeking a history of the period would be hard pressed to find a better and more readable book with which to start.

Top-notch account of the period, 26 Apr 2002
A vast, illuminating study of an extraordinary period in American history, "Freedom From Fear" is not just very sound in its judgements but is written with great verve, making it a highly enjoyable read. Unlikely to be improved on for many years.

A monumental historical work., 11 Jun 1999
Professor Kennedy has given us a monumental work on a critical period in the history of the United states and the world. Kennedy displays an intuitve understanding of the causes of the great depression. He gives us a new and positive inter- pretation of Herbert Hoover. In Kennedy's view the ''Great Engineer'' is a closet liberal who paved the way for the new deal. Kennedy clearly is an admirer of Franklin Roosevelt,but is not blind to his hero's shortcomings. The author frankly admits that the new deal did not end the depression and that during WWII Roosevelt was decieved by Joseph Stalin. Kennedy gives a superb account of the political radicalism of the thirties complete with unforgetable portraits of Huey Long and Father Coughlin. The account of the second world war also rises to the occassion. I found this book to be a fascinating read and I highly reccomend it. Thank you Professor Kennedy.

A magnificent history, especially strong on the Depression, 24 May 1999
Kennedy's prose surges to climax after climax as he takes the reader through the traumas and transitions of Depression and World War 2. He is especially good capturing the social calamities of the Depression, the labor struggles and the brave tentativeness of the New Deal (to at least secure the lives of the citizenry, in the absence of a successful economic remedy). The book is revealing on many matters: the radicalism of politics in the mid to late1930s (a 2% 'magic' tax advocated back then resurfaced in Australian fringe politics only recently ); the focus by Americans on the Depression as an internal issue; and the chimeral character of Roosevelt. The half of the book devoted to the War does not flag, but there is less insight into the lives of those at the 'home front' and perhaps too much battle description. Against that, the account of the nation's reluctant shift from isolationism into world conflict is superbly done. In the wonderful Oxford series so far, Freedom From Fear stands beside the great Civil War volume, Battle Cry of Freedom.

Very useful for A-Level history, 17 Nov 2005
I would definitely recommend this book to anyone taking this course with OCR for A-Level history. I used it along side the Access to History book. Between the two books I had plenty of information for my exam. What is also good about this book is it is split into two sections. The first giving you the facts. The second half giving you some historiography, which is very useful. The book is especially good on FDR's New Deal.

Good, 19 Sep 2001
The book covers the whole of the syllabus but the depth in which it is covered could be improved. However, this book is a good starting place for anyone doing A-level history.

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

History repeats itself, 03 Nov 2008
Years ago, I read this book about the Great Depression as 'oral history.' I've just re-read it during October, 2008 and, believe me, it now resonates in a completely different way.

"Today (1970s), if you want to buy $100 worth of stock, you have to put up $80 and the broker will put up $20. In those days (just before the stock market crash in 1929) you could put up just $8 or $10. That was really responsible for the collapse. The slightest shake-up caused calamity because people didn't have the money required to cover the other $90 or so."

"It was a mad dream of get-rich-quick."

Credit crunch? Nothing new, then. Back then, as now, ordinary people tried to live way above their means, assuming the good-times bubble would never burst.

And then, as now--it did.

When Mr Terkel compiled these interviews back in 1970, most of the interviewees were assuming a crash wouldn't happen again. It might not have done, if the financial controls over lending practices begun during Roosevelt's administration had not been removed by Bill Clinton during his term as president ...and enthusiastically endorsed by the Republicans ever since.

It's also interesting to read about Roosevelt's New Deal solution, and compare it to Gordon Brown's present plan to 'spend' the UK out of recession. Essentially the same idea. Perhaps the Prime Minister has read Studs Terkel? Whether the same kind of plan will work once again remains to be seen.

This is a fascinating book, with much to tell us about our own time, as well as 'what happened then.' Furthermore, it's written in a lively, accessible manner, with individual voices captured clearly and unambiguously.

These are people found on streets and in offices of cities and small-town USA alike, from various professions, people who served in the Depression-Era government, from the unemployed, from miners, farmers, from left and right-wing organisations, from black folk and white folk, men, women, students, singers, artists, teachers, lawyers, economists, stockbrokers and journalists, preachers and corporate executives. Some interviewees are famous--Myrna Loy, Alf Landon, Cesar Chavez, Country Joe McDonald--others obscure or simply forgotten in a later era. Many had lived through the Depression themselves, a few were born later, but all were willing to talk about the Great Depression with Mr Terkel.

As oral history of a specific time and place, Hard Times can't be faulted. As a reflection upon our present financial crisis, it's incredibly instructive. It's a must-read.

Hard Times is a delightfully entertaining book, 25 Apr 1999
I had to read Studs Terkel's "Hard Times" for school. At first it seemed confusing and long b/c there where no main characters and it was 462 pages. I was surprised to sincerely enjoy it. It was a captivating book with many fascinating stories. I liked the way the book shows you all aspects of the Depression from people with all different lifestyles.

Studs Hit It Again in Nostalgia, 05 Nov 1998
I like Studs, he is great. This book is a lot like others of his wherein he takes a taperecorder and asks people questions and then makes a book of it. The best part is that Studs knows a lot of people and so he can call up and ask a lot of questions. Whatever, you will enjoy this book, and order it from Amazon.com where you will get the best price unless you find it in the garbage bin.

Great political history of America in depression and war, 04 Sep 2005
There is much to like about David Kennedy's history of the United States during the 1930s and early 1940s. His book is an excellent overview of the political and economic history of the period. His examination of the New Deal is both insightful and judicious, while his description of America in the Second World War is gripping and informative. Throughout the book Kennedy offers a penetrating analysis of events, discerning approaches that reshaped many of the fundamental relations that existed between the American people and their government.

Yet in some respects the volume is something of a disappointment. The book is a contribution to the superb 'Oxford History of the United States' series, which has set a high standard with its earlier volumes. It is by this measure that Kennedy's book is wanting; it is hardly the comprehensive examination of its topic that the earlier volumes were, as his focus on politics and economics gives short shrift to American culture and society during the period. Moreover, his prose often seems excessively grandiose. Efforts to create soaring metaphors often become too labored and fall flat, making for a stark contrast with the clear descriptions and jargon-free analysis they buttress.

Nevertheless, Kennedy's achievement with this book is impressive. He has provided a well-written account of America's efforts to deal with some of the greatest challenges that the nation ever faced. Readers seeking a history of the period would be hard pressed to find a better and more readable book with which to start.

Top-notch account of the period, 26 Apr 2002
A vast, illuminating study of an extraordinary period in American history, "Freedom From Fear" is not just very sound in its judgements but is written with great verve, making it a highly enjoyable read. Unlikely to be improved on for many years.

A monumental historical work., 11 Jun 1999
Professor Kennedy has given us a monumental work on a critical period in the history of the United states and the world. Kennedy displays an intuitve understanding of the causes of the great depression. He gives us a new and positive inter- pretation of Herbert Hoover. In Kennedy's view the ''Great Engineer'' is a closet liberal who paved the way for the new deal. Kennedy clearly is an admirer of Franklin Roosevelt,but is not blind to his hero's shortcomings. The author frankly admits that the new deal did not end the depression and that during WWII Roosevelt was decieved by Joseph Stalin. Kennedy gives a superb account of the political radicalism of the thirties complete with unforgetable portraits of Huey Long and Father Coughlin. The account of the second world war also rises to the occassion. I found this book to be a fascinating read and I highly reccomend it. Thank you Professor Kennedy.

A magnificent history, especially strong on the Depression, 24 May 1999
Kennedy's prose surges to climax after climax as he takes the reader through the traumas and transitions of Depression and World War 2. He is especially good capturing the social calamities of the Depression, the labor struggles and the brave tentativeness of the New Deal (to at least secure the lives of the citizenry, in the absence of a successful economic remedy). The book is revealing on many matters: the radicalism of politics in the mid to late1930s (a 2% 'magic' tax advocated back then resurfaced in Australian fringe politics only recently ); the focus by Americans on the Depression as an internal issue; and the chimeral character of Roosevelt. The half of the book devoted to the War does not flag, but there is less insight into the lives of those at the 'home front' and perhaps too much battle description. Against that, the account of the nation's reluctant shift from isolationism into world conflict is superbly done. In the wonderful Oxford series so far, Freedom From Fear stands beside the great Civil War volume, Battle Cry of Freedom.

Very useful for A-Level history, 17 Nov 2005
I would definitely recommend this book to anyone taking this course with OCR for A-Level history. I used it along side the Access to History book. Between the two books I had plenty of information for my exam. What is also good about this book is it is split into two sections. The first giving you the facts. The second half giving you some historiography, which is very useful. The book is especially good on FDR's New Deal.

Good, 19 Sep 2001
The book covers the whole of the syllabus but the depth in which it is covered could be improved. However, this book is a good starting place for anyone doing A-level history.

Excellent Understandable and Straightforward. Facinating!, 22 Jun 1999
This gave me a whole new perspective on the causes of the Great Depression and why it was so bad. I know nothing about economics but was still able to follow the book and what the readers were discussing. Great Job. It has also helped me to understand current economics better.

Have we come full circle?, 17 Nov 2008
John Kenneth Galbraith's classic study of the 1929 Wall Street crash is an exhilarating read. Galbraith combines a fluent, witty style with a detailed breakdown of the build up to disaster,

It is interesting to note how most of the experts - journalists, academics, businessmen, bankers and politicians didn't have a clue what was going to happen and thought that the good times would carry on rolling.

Gordon Brown anyone?

Will they never learn?, 27 Oct 2008
What strikes anyone who reads this after the events of the past three months is just how similar the events are which JKG chronicled and which we are seeing happen now. The creation of wealth with no basis in reality, the delusion of millions that somehow things could only go on getting better, even the reassurances of the pundits as things unravelled faster and faster (stocks were overvalued, a healthy shake out, imminent restoration of the situation, unlying stocks are sound, very soon the markets will receive organised support and so on). Yes the situation is very different but human nature and refusal to accept reality don't change. Recommended for anyone who relishes watching the rich and powerful step firmly on a banana skin.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

History repeats itself, 03 Nov 2008
Years ago, I read this book about the Great Depression as 'oral history.' I've just re-read it during October, 2008 and, believe me, it now resonates in a completely different way.

"Today (1970s), if you want to buy $100 worth of stock, you have to put up $80 and the broker will put up $20. In those days (just before the stock market crash in 1929) you could put up just $8 or $10. That was really responsible for the collapse. The slightest shake-up caused calamity because people didn't have the money required to cover the other $90 or so."

"It was a mad dream of get-rich-quick."

Credit crunch? Nothing new, then. Back then, as now, ordinary people tried to live way above their means, assuming the good-times bubble would never burst.

And then, as now--it did.

When Mr Terkel compiled these interviews back in 1970, most of the interviewees were assuming a crash wouldn't happen again. It might not have done, if the financial controls over lending practices begun during Roosevelt's administration had not been removed by Bill Clinton during his term as president ...and enthusiastically endorsed by the Republicans ever since.

It's also interesting to read about Roosevelt's New Deal solution, and compare it to Gordon Brown's present plan to 'spend' the UK out of recession. Essentially the same idea. Perhaps the Prime Minister has read Studs Terkel? Whether the same kind of plan will work once again remains to be seen.

This is a fascinating book, with much to tell us about our own time, as well as 'what happened then.' Furthermore, it's written in a lively, accessible manner, with individual voices captured clearly and unambiguously.

These are people found on streets and in offices of cities and small-town USA alike, from various professions, people who served in the Depression-Era government, from the unemployed, from miners, farmers, from left and right-wing organisations, from black folk and white folk, men, women, students, singers, artists, teachers, lawyers, economists, stockbrokers and journalists, preachers and corporate executives. Some interviewees are famous--Myrna Loy, Alf Landon, Cesar Chavez, Country Joe McDonald--others obscure or simply forgotten in a later era. Many had lived through the Depression themselves, a few were born later, but all were willing to talk about the Great Depression with Mr Terkel.

As oral history of a specific time and place, Hard Times can't be faulted. As a reflection upon our present financial crisis, it's incredibly instructive. It's a must-read.

Hard Times is a delightfully entertaining book, 25 Apr 1999
I had to read Studs Terkel's "Hard Times" for school. At first it seemed confusing and long b/c there where no main characters and it was 462 pages. I was surprised to sincerely enjoy it. It was a captivating book with many fascinating stories. I liked the way the book shows you all aspects of the Depression from people with all different lifestyles.

Studs Hit It Again in Nostalgia, 05 Nov 1998
I like Studs, he is great. This book is a lot like others of his wherein he takes a taperecorder and asks people questions and then makes a book of it. The best part is that Studs knows a lot of people and so he can call up and ask a lot of questions. Whatever, you will enjoy this book, and order it from Amazon.com where you will get the best price unless you find it in the garbage bin.

Great political history of America in depression and war, 04 Sep 2005
There is much to like about David Kennedy's history of the United States during the 1930s and early 1940s. His book is an excellent overview of the political and economic history of the period. His examination of the New Deal is both insightful and judicious, while his description of America in the Second World War is gripping and informative. Throughout the book Kennedy offers a penetrating analysis of events, discerning approaches that reshaped many of the fundamental relations that existed between the American people and their government.

Yet in some respects the volume is something of a disappointment. The book is a contribution to the superb 'Oxford History of the United States' series, which has set a high standard with its earlier volumes. It is by this measure that Kennedy's book is wanting; it is hardly the comprehensive examination of its topic that the earlier volumes were, as his focus on politics and economics gives short shrift to American culture and society during the period. Moreover, his prose often seems excessively grandiose. Efforts to create soaring metaphors often become too labored and fall flat, making for a stark contrast with the clear descriptions and jargon-free analysis they buttress.

Nevertheless, Kennedy's achievement with this book is impressive. He has provided a well-written account of America's efforts to deal with some of the greatest challenges that the nation ever faced. Readers seeking a history of the period would be hard pressed to find a better and more readable book with which to start.

Top-notch account of the period, 26 Apr 2002
A vast, illuminating study of an extraordinary period in American history, "Freedom From Fear" is not just very sound in its judgements but is written with great verve, making it a highly enjoyable read. Unlikely to be improved on for many years.

A monumental historical work., 11 Jun 1999
Professor Kennedy has given us a monumental work on a critical period in the history of the United states and the world. Kennedy displays an intuitve understanding of the causes of the great depression. He gives us a new and positive inter- pretation of Herbert Hoover. In Kennedy's view the ''Great Engineer'' is a closet liberal who paved the way for the new deal. Kennedy clearly is an admirer of Franklin Roosevelt,but is not blind to his hero's shortcomings. The author frankly admits that the new deal did not end the depression and that during WWII Roosevelt was decieved by Joseph Stalin. Kennedy gives a superb account of the political radicalism of the thirties complete with unforgetable portraits of Huey Long and Father Coughlin. The account of the second world war also rises to the occassion. I found this book to be a fascinating read and I highly reccomend it. Thank you Professor Kennedy.

A magnificent history, especially strong on the Depression, 24 May 1999
Kennedy's prose surges to climax after climax as he takes the reader through the traumas and transitions of Depression and World War 2. He is especially good capturing the social calamities of the Depression, the labor struggles and the brave tentativeness of the New Deal (to at least secure the lives of the citizenry, in the absence of a successful economic remedy). The book is revealing on many matters: the radicalism of politics in the mid to late1930s (a 2% 'magic' tax advocated back then resurfaced in Australian fringe politics only recently ); the focus by Americans on the Depression as an internal issue; and the chimeral character of Roosevelt. The half of the book devoted to the War does not flag, but there is less insight into the lives of those at the 'home front' and perhaps too much battle description. Against that, the account of the nation's reluctant shift from isolationism into world conflict is superbly done. In the wonderful Oxford series so far, Freedom From Fear stands beside the great Civil War volume, Battle Cry of Freedom.

Very useful for A-Level history, 17 Nov 2005
I would definitely recommend this book to anyone taking this course with OCR for A-Level history. I used it along side the Access to History book. Between the two books I had plenty of information for my exam. What is also good about this book is it is split into two sections. The first giving you the facts. The second half giving you some historiography, which is very useful. The book is especially good on FDR's New Deal.

Good, 19 Sep 2001
The book covers the whole of the syllabus but the depth in which it is covered could be improved. However, this book is a good starting place for anyone doing A-level history.

Excellent Understandable and Straightforward. Facinating!, 22 Jun 1999
This gave me a whole new perspective on the causes of the Great Depression and why it was so bad. I know nothing about economics but was still able to follow the book and what the readers were discussing. Great Job. It has also helped me to understand current economics better.

Why The New Deal Failed So Completely, 13 Dec 2007
Roosevelt rose to power promising to respond to the depression that had sent the US economy into a tailspin. However such was his sheer ineptitude he managed to prolong it so that it became the greatest downturn in US history.

Time and time again FDR and his arrogant underlings were driven by ideology to impose obstacles to the economic recovery of the country. In an era where unemployment was rife New Deal policies made it almost impossible for businesses to employ more staff. New Deal demagogues made it clear that businesses were the enemy and were then mystified as to why investment plummeted.

In an era of chronic banking weakness the New Dealers demonised the strongest banks and encouraged the smaller more precarious ones to continue as they were. With unemployment sky high the New Dealers introduced labor laws that strongly discouraged businesses from expanding. With food shortages widespread FDR's agriculture policies resulted in food being burnt rather than sold. With black unemployment especially high Roosevelt introduced laws enabling compulsory unionisation, with the unions free to block blacks from joining. Almost every New Deal policy had the result of prolonging and deepening the depression.

This was accompanied by some outrageously authoritarian tactics by the administration, for example jailing business people for violating the price fixing agreements that were brought in, in one case a dry cleaner was imprisoned for three months for the 'crime' of charging five cents less to clean a shirt than the price government had fixed. They really did believe that they had both the ability and the right to micromanage the economy in this manner.

Towards the end of the book Powell goes away from the purely factual accounts of the New Deal failure to speculate on what would have happened if it had not been for the New Deal, if FDR had not managed to diminish the world's greatest democracy so thoroughly could the rise of fascism and communism worldwide have been avoided? It is an interesting question.

As a quick note about the previous review of this book on the 10th of July 2007, the writer of that review has clearly not read this book and is simply advertising her political prejudices by pretending to have done so. Anyone who thinks that Powell is engaged in partisan point scoring has plainly not read the book as he is almost as devastating about Hoover's errors such as imposing tariffs and tax rises and his criticism elsewhere of other Republicans such as Theodore Roosevelt and George W. Bush are on record.

Is this book a joke?, 10 Jul 2007
At first of all I thought that this book was intended to be comical, but on closer inspection I realised that it was not. Are we really to believe that by assisting needy Americans (in Cleveland 50% of the population were unemployed), FDR worsened a crisis that Hoover had failed to get to grips with, offering only insufficient action to a problem that had engulfed the world? I think not. Republicans are funny, because they're so wrong.

An interesting reappraisal, 09 May 2007
FDR's Folly by Jim Powell presents an interesting argument that the New Deal was actually not a great sucess but instead distorted the economic picture making recovery less likely. Although in my opinion this is not the case and is in fact rather biased, it is also true that the other argument that it was a rip-roaring success is also wrong because real econmic recovery did not really come about until the Second World War. As a book it is thought-provoking and well-written and I would reccomend it if you want a counter-balance to some of the haigographic acoounts of this era.