I’m nearly finished listening to this audio book now, after my wife recommended it. Normally I don’t read nonfiction, let alone books about finance, but she raved about this book so I gave it a try. I’m so glad I did.
The book recounts the stock market crash of 1929 and its aftermath, but does so in such a compelling, story-telling way. Rather than a dry sequence of facts, figures and events, Sorkin introduces the reader to the social and business context, key historical figures and organizations of the day, how their personalities and actions wove together to bring about the crash and then how that led to changes in policies.
The book reads like a historical fiction novel, and the tension as the market spins out of control is palpable. It was really gripping and informative, and allows the reader to draw parallels to similar crowd behaviors and self-interested actions by powerful people that are very much alive in the businesses and politics of today.
I really am loving this book and can’t recommend it highly enough. If nonfiction is not your usual fare, this book could change your mind.
by lanky_planky
4 Comments
So, I saw an interview with him yesterday and was intrigued. While he covered buying stocks on leverage and the role of the Federal Reserve, there was one notable omission in the interview: The ratcheting up of tax rates. In 1931, tax rates were increased dramatically across the board–which absolutely devastated economic activity and investment. In fact, the rate for the highest earners almost tripled. Did he cover that in the book?
ooh i’m so glad you liked it! i’m not usually into nonfiction either but “1929” totally hooked me too. sorkin does an amazing job of turning what could be a dry financial history lesson into a gripping, almost suspenseful narrative it really makes you think about how much of history just keeps repeating itself i never thought i’d be so into a book about finance but here we are definitely adding this to my recommendations for friends who aren’t into nonfiction!
He wrote “Too Big To Fail”, as well, if you’re interested in a how the 2009 financial crisis / bailout came to be. Similar style.
I do enjoy nonfiction and the financial markets, and I’ve seen this book grow in popularity and I really just wrote it off until now — your post is making me think again about it.
Have you read Trust, by Hernan Diaz? Or The Lehman Trilogy, by Stefano Massini (or seen the play)? Both of these were five star reads for me — of course, they’re fiction, but still, financial markets, etc