Rainbow's End: The Crash of 1929(Pivotal Moments in American History)

Few single events have affected business and society in the US so profoundly, and in such a short time. There have also been few books that address both these elements of the crash together, and very little published on the subject in the past decade. In this book, a gifted narrative historian with extensive background in the history of business and finance will put into perspective the many conflicting theories of what caused the crash, what role speculation did or did not play, whether or not it could have been avoided, and what role it played in bringing on the depression.The crash itself will be the climax of the narrative. Most of the book will concentrate on the decade before the crash, outlining the heavy bull market, and describing an era of unprecedented technological development, optimism, and expanding wealth. This decade saw the burgeoning of mass society and a popular culture driven by media and advertising, and a heady free market marked by unregulated banking and credit systems, and get-rich-quick schemes. Klein argues that the stock market crash marked a turning point in American history where the failure of self-regulating individualism led to an overhaul of the financial system and much more government regulation. It threw into question the beliefs in the American dream spawned by the 20s and preceded a preiod of deep depression, not only economically, but in regard to the most fundamental American values. The narrative will use a variety of people, developments, and events to illuminate these themes: Jack Morgan, Richard Whitney, Joseph Kennedy, Charles Mitchell, Herbert Hoover, John J. Raskob, and Alexander J. Noyes.

About the Author :
Mury Klein is Professor of History, University of Rhode Island

Review :
"Klein tells the story of the crash clearly and well, with some especially good pen portraits of characters such as Thomas Lamont, Jesse Livermore, Charley Mitchell and Albert Wiggin (who actually made money short-selling)."--The Economist "A remarkable blend of sharp-eyed business history and keen cultural analysis, Rainbow's End paints the most compelling picture yet of the stock-market crash of 1929. In Maury Klein's able hands, the story of the crash ends up illuminating not just Wall Street in the Jazz Age, but America as well. Boom and bust: Klein gives us both, in all their intoxicating and hysterical glory."--James Surowiecki, The New Yorker "Land crooks...delusional bank chairman...high-rolling speculators....The woes of the local shoe-shine man and Groucho Marx get mentioned, too....Klein offers a swift survey of the lunatic optimism of Wall Street and how it all turned to dust in the closing days of October....Each chapter resonates with the follies of today."--The Wall Street Journal "Well-written, entertaining and detailed....Klein shows how optimism gradually spawned financial euphoria."--Robert J. Samuelson, The New York Times Book Review "Who better than Maury Klein to write an engaging history of the stock market crash of 1929 and the way its enthusiasms and traumas burned their way into the American experience? Here is a tale whose ending we already know, yet he rivets attention by weaving compelling vignettes into a dramatic narrative. [T]here is something new for everyone in Rainbow's End."--Pamela Waer Laird, Professor of History, University of Colorado, The Journal of American History "The great crash of 1929 was one of those sharp breaks in the stream of time when all who were living knew immediately that their world had changed. Many, of course, have written of the crash, but few as well or as authoritatively as Maury Klein in Rainbow's End. He brings a historian's perspective to a complex story while retaining the sense of immediacy that made those terrible days some of the most exciting in American history."--John Steele Gordon, author of The Great Game: The Emergence of Wall Street As a World Power "A well-written, comprehensible assessment of the 1929 stock-market crash. Klein is an elegant constructor of business histories, and one can read dire warnings between the lines here. A most timely business narrative."--Kirkus "Klein helps readers better understand the reaction of millions to an event that shook the world....A timely publication."--Library Journal "Klein's accessible view of the cultural and social history of Wall Street and the US during a pivotal decade is recommended for all libraries."--CHOICE