In the autumn of 1929, the seemingly invincible American stock market collapsed in a matter of days, wiping out fortunes and shattering the nation's confidence. What followed was not just an economic downturn but a complete transformation of American capitalism, politics, and society.
The Great 1929 Crash reveals how genuine prosperity morphed into dangerous speculation. Through vivid storytelling and meticulous research, this comprehensive history explores how millions of ordinary Americans were lured into the stock market by promises of easy wealth, how leverage and fraud inflated a bubble destined to burst, and how the warnings of skeptics were drowned out by the roar of the crowd.
Drawing on contemporary accounts, personal stories, and economic analysis, the book reconstructs the panic of Black Thursday and Black Tuesday, when the financial system came apart. It follows the contagion as bank failures spread across the nation, unemployment soared to 25 percent, and the Great Depression took hold. But it also examines the policy failures that transformed a crash into a decade-long catastrophe, and the landmark reforms—deposit insurance, securities regulation, and the New Deal—that emerged from the ruins.
More than a historical account, The Great 1929 Crash is a cautionary tale for our own time. It reveals timeless patterns of human behavior—greed, fear, herd mentality, and the dangerous belief that "this time is different"—that recur in every financial bubble. As contemporary markets reach dizzying heights and leverage proliferates, the lessons of 1929 have never been more relevant.
A gripping narrative of boom and bust that changed the course of the twentieth century—and offers essential warnings for the twenty-first.
