by Charles R. Geisst
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Product Description
Wall Street is the stuff of legend and a source of nightmares, a force so powerful in American society--and, indeed, in world economics and culture--that it has become an almost universal symbol of both the highest aspirations of commercial success and the basest impulses of greed and deception. How did such a small, concentrated pocket of lower Manhattan came to have such enormous influence in national and world affairs. In this wide-ranging volume, economic historian Charles Geisst answers this question as he provides the first history of Wall Street, ranging from the loose association of traders meeting on New York sidewalks and coffee houses in the late 18th century, to the modern billion-dollar computer-driven colossus of today.
Here is a fascinating chronicle of America's securities industry and of its role in our nation's economic development. Geisst's narrative ranges over two centuries, from just after the Revolutionary War, to the California Gold Rush and the economic boom (for the North) of the Civil War, to the great stock market crash of 1929, right up to the recent junk bond frenzy and the merger mania of the 1980s that culminated in the fall of Drexel Burnham. The book traces many themes--the move of industry and business westward in the early 19th century, the rise of the great Robber Barons, the influence of the securities market on incredible growth of industry, particularly in the innovative financing of the railroads and major steel companies and crucial investments in Bell's and Edison's technical innovations. Geisst also looks at the gradual increase in government involvement in Wall Street, revealing how regulation had been minimal at first and many investors had suffered from the abuses of corrupt firms. But with the beginning of the New Deal, the government stepped in to pass a series of laws--centered on the Securities Exchange Commission--that severely restricted the ways that Wall Street firms could operate. Here began a heated debate that still rages today between those who want unfettered license to operate as they please and those who want the government to regulate the market to curb corruption. Of course, "The Street" has always been a breeding ground for characters with brazen nerve, and no history of the stock market would be complete without a look at the most ruthless wheeler dealers. Geisst for instance details the manipulations by which Jay Gould and associates cornered the gold market, leading to the terrifying market crash on "Black Friday" in September 1869. Here too are battles of will between powerful personalities and the determined rise to power of such "self made men" as John Jacob Astor, John D. Rockefeller, and Cornelius "Commodore" Vanderbilt--as well as the connivings of lesser known deal makers like William Crapo "Billy" Durant, reputed to have made $50 million in three months shortly before the stock market crash in 1929.
Wall Street is at once a chronicle of the street itself, from the days when the wall was merely a defensive barricade built by Peter Stuyvesant, and in a broader sense it is an engaging economic history of the United States, a tale of profits and losses, endlessly enterprising spirits, and the role Wall Street played in helping America become the most powerful economy in the world.
Amazon.com Review
The comprehensive Wall Street: A History, by Manhattan College finance professor Charles Geisst, is a meticulous examination of the economic cycles, legendary financiers, and monumental transactions that have shaped the fiscal structure of the United States. The sweeping tale ranges from Revolutionary War days to the California Gold Rush, from the Civil War to the Depression, and from the great 1950s bull market to the ongoing 1990s boom. Geisst's narrative is pinned to the relationship between finance and government, and tracks the latter's increasing involvement in the former to show where matters stand today.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Great!, 2008-04-14
This is really a great book. And I check the seller's website. More surprises over there! Go to check it out, buddies!
2 of 3 people found the following review helpful:
 A not-so-random walk down Wall Street, 2004-10-25
Charles Geisst's "Wall Street: A History" provides a chronological overview of the American financial system. This ambitious book purports to be the first such work to cover this topic. The story begins in the late 18th century, with subsequent chapters carving up the next 200 years into logical periods. Although the book omits several important events (e.g., Wall Street's role in the post-war development of Japan, anti-trust litigation against IBM, etc.), few will fault Geisst for being incomplete in his work. Significant firms and personalities receive due attention, and readers who were following the scandals of the 1980s and 1990s (Boesky, Milken, S&L's) will appreciate the latter-day perspective. My only quibbles are that the prose is a little dry, and the amount of facts crammed into 367 pages makes it tough not to feel a little overwhelmed. "Wall Street" ends with Greenspan's prescient comment about "irrational exuberance" in the US equity markets in 1996. The years that followed are presumably covered in Geisst's 2004 update of the original.
2 of 2 people found the following review helpful:
Gripping History, 2003-03-23
Charles Geisst tells a gripping history of Wall Street, from a tiny congregation of traders along the sidecurb to the most influential financial market in the world. Over a span of 200 years, Geisst examines the factors contributing to the rise of Wall Street and the Street's role in helping America become the most powerful economy. On the light side, he narrates the colourful lives and exploits of the Robber Barons who have come to symbolise Wall Street's predatory and free-wheeling past. This is definitely an engaging book but without being pedantic for history freaks.
1 of 1 people found the following review helpful:
Would you believe it all started under a tree?, 2002-08-15
Traders met under a tree in the beginning to trade securities, that's about it. Later, the securities were being traded on the "curb", then indoors, and eventually it became the global market that we know today. You will learn about the progress of the market, the booms, the busts, the market "breaks" and the recessions and depressions that followed.This book is a complete history of investing in the US: Interested in the history of trading? Interested in the history of corporate debt (short-term securities, bonds, etc.)? Interested in how the US was funded to become the World power it is today? Interested in issues like program trading and market volatility? This book discusses all of these and many more, including the people, thinking, and developments that have made the market what it is today.
4 of 11 people found the following review helpful:
Not really about Wall Street, 2002-06-29
You should be aware that the title of this book (and its description) is misleading. It appears to be a history of Wall Street -- that is, a street in Manhattan and the area around it, but it is not. Instead it isa history of capitalism and business legislation in America. As such, it is a good book, and puts an interesting perspective on US history. If you are intersted in the history of New York City, this is not the book for you, but if you are interested in American business and economic history, this is a neat little book.
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