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 XVI. The Hopeful Outlook

Collection:: Economics Books

258 The Stock Market Crash—And After eagerness to invest, and people had tried more and more to do business on borrowed money. Too many had speculated with margin accounts and had thus made the market vulnerable to bear raiders, despite the fact that margins were large. The raids caught thousands of small holders of stocks who had to sell at a sacrifice. After the general level had been reduced, a new crop of forced sales was harvested; and then, with still lower prices, the same thing happened, through successive layers, over and over again. This book has presented reasons for believing that the long bull market could not be explained by the simple formula that it “went up because it went up.” But the fall in the market was very largely due to that psychology by which it went down because it went down. It was a case of forced liquidation, of distress selling. At the end of the panic the prices in the stock market were absurdly low, inviting the entry of new funds as the general public in this country woke up to the fact that the Stock Exchange presented one of the most wonderful bargain-counters ever known to investors. Rich Nations Suffer Crises M. Clement Juglar, the French financial writer, says in Des Crises Commerciales (1889, pages 44- 45): “Paradoxical as it may seem, the riches of nations can be measured by the violence of the crises which they experience.” Similarly, in his book,

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