The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Introduction

Collection:: Economics Books

Kv Introduction rather than appraising such a disaster in terms of praise and blame, an unemotional assessment of it in terms of cause and effect might yield much in public benefit by way of preventing the recurrence of such crises. Intimations of the Panic “Hindsight” is always clearer than foresight. Looking backward now and putting the events of the panic in perspective, we find that there were definite foreshadowings of its coming. As early as April 18, 1929, the National City Bank of New York said in a special circular: “If the rate of credit increase rises above the rate of business growth, we have a condi- tion of inflation which manifests itself in rising prices in some departments of the business structure, over- confidence, excessive speculation, and an eventual crash.” This statement was followed by an analysis that notes a yearly increase in the total volume of busi- ness in this country, taking business in all its forms, at a fairly uniform rate of 4 per cent; and that for the year 1928 the total production and the exchange of goods in the United States increased over 1927 at a rate somewhat below this, or about 3 per cent. As against this growth of business and production, the statement measured the growth of credits—s3.1 per cent for the year 1928. This did not appear to be greatly in excess of the normal growth of business requirements. But the statement added: “Taking account of the extraordinary growth of

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