A history of the United States in five crashes : stock market meltdowns that defined a nation
(Book)

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Published
New York, NY : William Morrow, an imprint of HarperCollinsPublishers, [2017].
Format
Book
Edition
First edition.
Physical Desc
xiv, 336 pages ; 24 cm.
Status
Main Library - Adult  1 available
330.973 Nat
Southside - Adult  1 available
330.973 Nat

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Language
English
ISBN
0062467271, 9780062467270

Notes

Bibliography
Includes bibliographical references (pages 303-320) and index.
Description
The Panic of 1907. Black Tuesday (1929). Black Monday (1987). The Great Recession (2008). The Flash Crash (2010). Taken together they tell the story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Nations blends economic and cultural history to show how each of these major crashes provided painful lessons that have strengthened us and helped us to build the nation we know today.
Description
"In this absorbing, smart, and accessible blend of economic and cultural history, Scott Nations, a longtime trader, financial engineer, and CNBC contributor, takes us on a journey through the five significant stock market crashes in the past century to reveal how they defined the United States today. THE PANIC OF 1907: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks Only billionaire J. P. Morgan was able to save the stock market. BLACK TUESDAY (1929): As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression. BLACK MONDAY (1987): When 'portfolio insurance,' a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day. THE GREAT RECESSION (2008): As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them. THE FLASH CRASH (2010): When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes. The stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today. A History of the United States in Five Crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one."--Jacket

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Citations

APA Citation (style guide)

Nations, S. (2017). A history of the United States in five crashes: stock market meltdowns that defined a nation (First edition.). William Morrow, an imprint of HarperCollinsPublishers.

Chicago / Turabian - Author Date Citation (style guide)

Nations, Scott. 2017. A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation. New York, NY: William Morrow, an imprint of HarperCollinsPublishers.

Chicago / Turabian - Humanities Citation (style guide)

Nations, Scott. A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation New York, NY: William Morrow, an imprint of HarperCollinsPublishers, 2017.

MLA Citation (style guide)

Nations, Scott. A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation First edition., William Morrow, an imprint of HarperCollinsPublishers, 2017.

Note! Citation formats are based on standards as of August 2021. Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy.

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