The second half of the 1920s was a time of remarkable economic achievement, as America reaped the twin dividends of post-war recovery and technological development.
One apparently uncanny similarity between the busts of 1929-02 lies in the booms that preceded them. In fact, the fit between 19 is seductive, but far from exact. The temptation to explore parallels with today - another period of economic uncertainty and post-boom gloom - is strong.
"There was hardly a man or woman in the country whose attitude toward life had not been affected by it in some degree and was not now affected by the sudden and brutal shattering of hope," wrote Frederick Lewis Allen in his seminal 1931 memoir, Only Yesterday. Seventy-five years ago this week, US shares dived into the worst bear market in history
Markets may rise and markets may fall, but there was only ever one Wall Street Crash. From the trial of Nicola Sacco and Bartolomeo Vanzetti to the inventions, crazes, and revolutions of the day, this timeless work will continue to be savored for generations to come.The "national mania" hit the buffers exactly 75 years ago Peppering his narrative with actual stock quotes and breaking financial news, Allen tracks the major economic trends of the decade and explores the underlying causes of the crash. Harding’s oil scandal, the growth of the auto industry, the decline of the family farm, and the long bull market of the late twenties. Allen provides insightful, in-depth analyses of President Warren G. Pierpont Morgan, Henry Ford, Sigmund Freud, Albert Einstein, Al Capone, Babe Ruth, and Jack Dempsey. This bestselling, enduring account brings to life towering historical figures including J. Allen, who witnessed firsthand the events he describes, immerses you in the era of flappers, speakeasies, and early radio, making you feel like part of history as it unfolds. A history of roaring prosperity-and economic cataclysm: “The one account of America in the 1920s against which all others must be measured” ( The Washington Post).īeginning November 11, 1918, when President Woodrow Wilson declared the end of World War I in a letter to the American public, and continuing through his defeat, Prohibition, the Big Red Scare, the rise of women’s hemlines, and the stock market crash of 1929, Only Yesterday, published just two years after the crash, chronicles a decade like no other.
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