{"product_id":"a-history-of-the-united-states-in-five-crashes-stock-market-meltdowns-that-defined-a-nation-isbn-9780062467270","title":"A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation","description":"\u003cp\u003e“Excellent.” — \u003cstrong\u003e\u003cem\u003eWall Street Journal\u003c\/em\u003e\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003e“My hands-down financial book of the year. . . . An incredibly rich mine of market history. . . . Enlightening. . . . Meticulous. . . . Definitive. . . . Absolutely first class.” — \u003cstrong\u003e\u003cem\u003eFinancial Advisor Magazine\u003c\/em\u003e\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eClearly and compellingly illustrates the connections between major financial collapses, and examines the solid, clear-cut lessons they offer for preventing the next one\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003eThe stories behind the biggest stock market crashes in US history are rife with drama, human folly, and heroic rescues. Taken together, the pendulum swings between the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that devastate a market where millions of Americans invest their savings, and on which they depend for their retirement, children's education, and long-term financial well-being. CNBC contributor, longtime stock trader, and financial engineer\u003cstrong\u003e \u003c\/strong\u003eScott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today.\u003c\/p\u003e\u003cp\u003eThe Big Five financial crises covered:\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Panic of 1907\u003c\/strong\u003e: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks. Only billionaire J.P. Morgan was able to save the stock market.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eBlack Tuesday (1929)\u003c\/strong\u003e: As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eBlack Monday (1987)\u003c\/strong\u003e: When \"portfolio insurance,\" a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Great Recession (2008)\u003c\/strong\u003e: As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Flash Crash (2010)\u003c\/strong\u003e: When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes.\u003c\/p\u003e | \u003cp\u003eIn this absorbing, smart, and accessible blend of economic and cultural history, Scott Nations, a longtime trader, financial engineer, and CNBC contributor, takes us on a journey through the five significant stock market crashes in the past century to reveal how they defined the United States today.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Panic of 1907\u003c\/strong\u003e: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks. Only billionaire J. P. Morgan was able to save the stock market.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eBlack Tuesday (1929):\u003c\/strong\u003e As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eBlack Monday (1987):\u003c\/strong\u003e When “portfolio insurance,” a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Great Recession (2008):\u003c\/strong\u003e As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation’s largest banks, much of the economy, and the stock market down with them.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eThe Flash Crash (2010):\u003c\/strong\u003e When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes.\u003c\/p\u003e\u003cp\u003eThe stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America’s political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today.\u003c\/p\u003e\u003cp\u003e\u003cem\u003eA History of the United States in Five Crashes\u003c\/em\u003e clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one.\u003c\/p\u003e | \u003cp\u003e“My hands-down financial book of the year. ... An incredibly rich mine of market history. ... Enlightening. ... Meticulous. ... Definitive. ... Absolutely first class.” - \u003cb\u003e\u003ci\u003eFinancial Advisor Magazine\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“The names of the stocks may change, as will the faces of the traders from one generation to the next. But through all of the social and technological evolution America has undergone, one thing remains exactly the same: The timeless and permanent dichotomy of fear and greed. By pulling together the common threads of each infamous crash, and providing the societal context unique to each, Scott Nations has done something truly entertaining and extraordinary for his readers.” - \u003cb\u003e\u003ci\u003eJoshua M. Brown, author of Backstage Wall Street and \"The Reformed Broker\" blog, CNBC on-air contributor\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“Timely. ... An eye-opening examination of the many ways money can be made—and disappear.” - \u003cb\u003e\u003ci\u003eKirkus Reviews\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“Fascinating. ... Uniquely helpful.” - \u003cb\u003e\u003ci\u003ePublishers Weekly\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“A fast-paced narrative... Lively style... Entertaining and informative.” - \u003cb\u003e\u003ci\u003eLibrary Journal\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“Absorbing. ... Nations’s stylish writing gives these stories of greed and fear a cliffhanger momentum.” - \u003cb\u003e\u003ci\u003eFinancial Advisor Magazine\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“Excellent. ... A pleasure to read.” - \u003cb\u003e\u003ci\u003eWall Street Journal\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e","brand":"William Morrow","offers":[{"title":"Default Title","offer_id":44888867438821,"sku":"NP9780062467270","price":28.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780062467270.jpg?v=1730229987","url":"https:\/\/k12savings.com\/products\/a-history-of-the-united-states-in-five-crashes-stock-market-meltdowns-that-defined-a-nation-isbn-9780062467270","provider":"K12savings","version":"1.0","type":"link"}