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![“A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation (English Edition)”,作者:[Scott Nations]](https://images-cn.ssl-images-amazon.cn/images/I/51jYulTSgSL._SY346_.jpg)
A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation (English Edition) Kindle电子书
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.
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“My hands-down financial book of the year. ... An incredibly rich mine of market history. ... Enlightening. ... Meticulous. ... Definitive. ... Absolutely first class.” (Financial Advisor Magazine)
“Absorbing. ... Nations’s stylish writing gives these stories of greed and fear a cliffhanger momentum.” (Financial Advisor Magazine)
“Timely. ... An eye-opening examination of the many ways money can be made—and disappear.” (Kirkus Reviews)
“Fascinating. ... Uniquely helpful.” (Publishers Weekly)
“A fast-paced narrative... Lively style... Entertaining and informative.” (Library Journal) --此文字指其他 kindle_edition 版本。
作者简介
Scott Nations is the president of NationsShares, a financial engineering firm. He is a regular contributor to CNBC, where he frequently appears on-air to discuss markets, derivatives, and other investment topics. He is the author of two technical books for option traders, Options Math for Traders and The Complete Book of Option Spreads and Combinations. He lives in Chicago, Illinois.
--此文字指其他 kindle_edition 版本。基本信息
- ASIN : B01M0TH9VL
- 出版社 : William Morrow; 第 Reprint 版 (2017年6月13日)
- 出版日期 : 2017年6月13日
- 语言 : 英语
- 文件大小 : 874 KB
- 标准语音朗读 : 已启用
- X-Ray : 已启用
- 生词提示功能 : 已启用
- 纸书页数 : 352页
- 亚马逊热销商品排名: 商品里排第115,327名Kindle商店 (查看Kindle商店商品销售排行榜)
- 商品里排第89名United States History(美国历史)
- 商品里排第601名Business & Money(商业与财富)
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此商品在美国亚马逊上最有用的商品评论

One other reviewer smartly noted that, contra the book's title, this work is largely a history of Wall Street, and not necessarily a larger history of the US, and I think that point is well-stated. As I recall, all of the chapters end more or less when the author decided that official crash was over, and the chapters don't necessarily go into broader societal issues that occurred as a result. With that said, the author does give a little societal information in subsequent chapters, so it's not purely a Wall Street history.
The only other item that made some of the reading a bit of a slog (and why I gave four stars instead of five) is that the author will spend swaths of chapters writing things like, "On such and such a date, the market closed another x% down, and on the following date it fell another x%, which brought the market to a new low for the year." In the final chapter (about the 2010 Flash Crash), the author breaks these falls down to minute by minute. On the one hand, I think the research required to enable the author to break things down into such small chunks is commendable, but on the other, for this reader at least, details about specific numbers broken down into such small time periods was a little tedious to get through--especially when I think a strength of the book is how he focuses on specific people in the first halves of the chapters and is able to fashion a narrative out of them.
I think this book is well worth a read if you are interested in the topic, and the author's conclusions (this is maybe a spoiler?)--that the great crashes are usually caused by poorly-understood and under-regulated investment options, often made appealing to investors when there are much lower, safer returns to be found elsewhere (say, when the Fed keeps interest rates close to zero for extended periods of time)--are timely in an America where the Fed is again keeping interest rates low for an extended period of time. What security will cause the next crash?


I've always fancied myself a history buff but Nations enlightened me on much I wasn't aware of before. Much of the history (or maybe I should say mystery) of the way things happened during these crashes was brought out and it makes sense out of things that never made sense before. The way he intermingles personal episodes of the historical players involved with the actions that changed the world make this book a very readable and incredibly informative. The worst part of this book was when I finished it. I wanted it to go on longer.
You don't even have to be interested in the financial markets to enjoy this book. If you're interested in politics, understanding what happened during these crashes and what brought them on explains the legislation that followed so many of these events.
This is a must read imho.

It was interesting to see how systems that seemed stable turned out to be based on weak foundations. Every time there was a catalyst that exposed this and when confidence was gone the crash occurs. There was also a lot of great discussion on how what happened on Wall Street affected Main Street.
A lot of the things that set off the crashes seemed pretty banal, but the author did a good job of showing how a seemingly small cause could generate a disproportionate effect and how the crashes were all, but inevitable. The prime movers in all of the crashes were covered from Teddy Roosevelt and some of the bigger speculators in 1907 to the New York head of the Federal Reserve bank and relationship he had with Britain that helped cause that crash. Also how his tuberculosis made it hard to respond when trouble started to show.
There is also some good coverage of how new financial instruments helped cause crashes. The adage that the more things change the more they stay the same applies here.
