Cover image for 100 years of Wall Street
Title:
100 years of Wall Street
Author:
Geisst, Charles R.
Personal Author:
Publication Information:
New York : McGraw-Hill, 2000.
Physical Description:
xxvii, 178 pages, 1 unnumbered page : illustrations ; 26 cm
General Note:
Includes index.
Language:
English
ISBN:
9780071356190
Format :
Book

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Summary

Summary

Financial ups and downs are only part of the 20th century saga of Wall Street. The street symbolizes the historic triumphs, failures and excesses of capitalism, but it has also been the scene of great human achievements and epic tragedies. Like America itself, "The Street" has shown almost boundless optimism and tenacity in the face of adversity. It has also revealed a surprising weakness for foolishness along with an unpredictable capacity for bursts of genius, innovation and success. That is why 100 YEARS OF WALL STREET, the story of the world's financial center, is also the story of our American century from our first uncertain steps on the international stage to the responsibilities and challenges we face as the sole superpower at the end of the millennium. The expert and occasionally bemused guide to the story is Charles R. Geisst, who is renowned as a historian, best-selling author, financial scholar and corporate consultant. He is also a gifted storyteller who reveals how the smallest details produce crucial shifts in the big picture. With wit and profound insight, Geisst takes the reader behind the scenes to explain how powerful personalities and unexpected developments created the financial, cultural and social events that helped shape our world. We are the heirs of Wall Street's phenomenal achievement, but it has also fueled runaway greed. It has contributed to growth while scrapping large sectors of the economy. Is the market "fair" or "just"? What do such questions really mean? Geisst dramatically brings to life a world that can only be fully understood by following its secret deals, monumental transactions, colorful characters, earth-rattling market collapses and exhilarating highs. There are 200 photographs and other illustrations 100 YEARS OF WALL STREET, many of them rarely reproduced. They portray famous crises, the day-to-day grind and, above all, many of the human beings who toiled, schemed or created wise reforms at the center of global financial activity. The careers and personalities of the century's wealthiest men -- Vanderbilts, Carnegies, Morgans, Milkens, Boeskys -- become an important part of Geisst's fascinating history. On the one hand, there were the Titans who shrewdly built their investments into vast fortunes and just as cleverly built solid public reputations. In contrast were the high-rollers and outlaws who fell off the tightrope, winding up as suicides or bankrupts or convicted felons. Decade-by-decade, with the most important dates highlighted, 100 YEARS OF WALL STREET is a deftly crafted introduction to the compelling true story of "The Street." It is also a rich source of little-known anecdotes and new insights for anyone who invests or works in today's financial climate. Geisst places the present in the context of a century of chaos and corruption, leadership and huge losses, insider trading and ticker-tape parades. His unforgettable scandalous tales, hilarious anecdotes and legendary rumors have never been reported in the Dow Jones average. With market levels at astronomical highs, no one can question the powerful role played by Wall Street and its movers and shakers today. For an engaging and solidly researched account of its century-long grip on American history, 100 YEARS OF WALL STREET earns a permanent place in the library of anyone who wants to understand the background of today's bull market and the wide range of possible scenarios for the future.


Author Notes

Charles R. Geisst's Previous Book, The author of eleven other books, Geisst, formerly a capital markets analyst and investment banker in the City of London, is also an experienced consultant in financial markets for several investment banks. A guest on radio and television programs about business and finance, Geisst has also published widely in professional journals and news magazines.


Reviews 1

Booklist Review

It may be unusual to find business books gracing coffee tables other than in executive suites or corporate reception lounges, but 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. Historian Geisst is already the author of the best-selling narrative Wall Street: A History (1997), and now this pictorial compilation makes an excellent companion. 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. This popular history touches all the stock market's major milestones and includes a look at financiers both notable and notorious as well as a view of behind-the-scenes operations at brokerage houses and stock exchanges. Husband-and-wife team Norris and Bockelmann have more than two decades of combined experience as New York Times writers and editors. They have selected the stories for this decade-by-decade chronicle beginning with the financial panic of 1901 and concluding with the battle between the consumer electronics and personal computer industries over control of personal computing. In between, they cover a diversity of events that include baseball's exemption from antitrust laws, President Truman's seizure of the steel mills, and the phenomenon of the hula hoop, proving that the history of business and commerce in this country is the history of the U.S. itself. Page headers provide a running timetable of events, and the text is complemented by photographs and portraits, re-creations of the front page of noteworthy editions of the New York Times, and sidebars explaining the significance of various milestones. --David Rouse


Table of Contents

Forewordp. xiii
Introductionp. xix
Acknowledgments

p. xxvii

1 The 1900s and "Teens"p. 1
2 The Roaring Twentiesp. 17
3 The 1930s and 1940sp. 39
4 The 1950s and 1960sp. 73
5 The 1970s and 1980sp. 97
6 The 1990sp. 129
Indexp. 171
Photo Creditsp. 177