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

xviii Introduction through higher taxes and the sale of bonds; the post- war depression of 1920-1921; the recovery and the “Coolidge boom” of 1923-1924, and the second “Coolidge boom” of 1925-1926. The “Hoover boom” fluctuated more violently above the Karsten forecast line than any previous fluctuation, either up or down. In the retrospect it is easy to appreciate that preliminary symptoms of the crash were not lacking. Two Sides of the Picture But it is not so easy to see in the foregoing picture the underlying factors of the panic, and to judge whether it sprang from vital defects of the business structure or from more superficial causes relating to credit and finance. The avalanche came so swiftly, spreading such immediate and widespread disaster, that careful con- sideration of its origin is requisite. The first symptomatic recession in the stock market in August and early September attracted compara- tively little attention. Almost every recession dur- ing the course of the long bull market had been fol- lowed by recovery equal to the recession, and then progress upwards. But the decline of September, 1929, although followed by an upward recovery, was renewed in October, and developed into terrific crashes lasting into November. Between the 5th of September and the 13th of November the vast bear movement had carried stocks down by about 42 per cent, and reduced the value of stocks listed on

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