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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Speculation and Brokers' Loans

Collection:: Economics Books

220 The Stock Market Crash—And After expert guidance is almost as apt to aggravate as to alleviate the inequalities in prices. [n such cases speculation becomes little more than gambling. In fact, it is worse than gambling, for the evils are more extensive, being communicated to others than the gamblers themselves. Such evils of speculation are especially grave when, as usually hap- pens, the general public speculates in a mass, that is, all in the same direction. We see, then, that the chief evils of speculation are largely the work of the unprofessional speculators, just as the chief evils of reckless automobile driving are due to untrained chauffeurs. [t must not be supposed, however, that the pro- fessional speculator is always a public benefactor. Not only may he also make mistakes which cost him and society dear, but he may sometimes “rig the mar- ket” and manipulate prices. There is a vast differ- ence between merely anticipating the market and manipulating it. When a professional speculator merely attempts to take advantage of an impending rise or fall of prices, he is usually a public benefac- tor; but when he attempts to create the rise or fall, of which he is to take advantage, by false reports, by “cornering,” or by sudden and great short selling, especially in conspiracy with others to cause a panic, he becomes a mischief maker. In short, the speculator who correctly anticipates, and so mitigates, price changes does good, while he who manipulates, and so aggravates price changes does harm.

Access restriction

Copyright

fullscreen: The stock market crash - and after

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation