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READ PDF ¹ Once in Golconda: A True Drama of Wall Street 1920 1938 (Wiley Investment Classics) ⚞ Once in Golconda In this book, John Brookswho was one of the most elegant of all business writersperfectly catches the flavor of one of history's bestknown financial dramas: thecrash and its aftershocks It's packed with parallels and parables for the modern reader From the Foreword by Richard Lambert EditorinChief, The Financial Times Once in Golconda is a dramatic chronicle of the breathtaking rise, devastating fall, and painstaking rebirth of Wall Street in the years between the wars Focusing on the lives and fortunes of some of the era's most memorable traders, bankers, boosters, and frauds, John Brooks brings to vivid life all the ruthlessness, greed, and reckless euphoria of the 's bull market, the desperation of the days leading up to the crash of ', and the bitterness of the years that followed Praise for Once in Golconda A fastmoving, sophisticated accountembracing the stockmarket boom of the twenties, the crash of , the Depression, and the coming of the New Deal Its leitmotif is the truly tragic personal history of Richard Whitney, the aristocrat Morgan broker and head of the Stock Exchange, who ended up in Sing Sing Edmund Wilson, writing in the New Yorker As Mr Brooks tells this tale of dishonor, desperation, and the fall of the mighty, it takes on overtones of Greek tragedy, a king brought down by pride Whitney's sordid history has been told beforeBut in Mr Brooks's hands, the drama becomes freshly shocking Wall Street Journal It's all there in Once in Golcondathe avarice of an era that favored the rich; and the later anguish of myriads of speculators doomed by a bloated market, easy credit, and their own cupidity and stupidity Saturday Review Here's an account of Wall Street's transformation from the 1920s when the NYSE al was a de facto financial club for the wealthy to 1938's populistleaning market The narrative centers on Richard Whitney, an Old Guard stalwart who was chosen by his peers to be president of the exchange Whitney's personal investments, like nearly everyone else's, took a drubbing as the Great Depression followed the Market Crash of 1929 and this work is to a great degree the story of Whitney's illconsidered responses to those setbacks and the denouement that changed the character of American investment forever Brooks writes well but has a fixation with vocabulary that's unnecessarily hoity toity He occasionally drops in words and expressions that seem to have been calculated to make the reader say, Huh? Defalcation is a favorite of his, often used but tendingto obscure his meaning than to enlighten He does move the story along, though, and he is clear when describing the people, their backgrounds and positions and their places in the thread of the account I raised an eyebrow here and there at some of what he wrote WRT conversations but endnotes are substantial for those who are motivated to dig deeper You don't need to be a money grubber or serious investor to enjoy this book which is something akin to a low key thriller. Everything you didn’t need or want to know about Wall Street between 1920 and 1938. If you're a professional investor or just working with your retirement accounts, history can be key to better results This audiobook or book clarified the 1920s and 30s and helped me understand current regulations based on how they came about Warren Buffett had this book on his recommended list at this year's Berkshire Hathaway annual meeting. GOLCONDA WAS, ACCORDING TO LEGEND, A CITY IN INDIA IN WHICH EVERYONE WHO ENTERED IT BECAME RICH (LIKE WALL ST IN THE 1920S)In the fall of 1921 the post war depression ended and a new anddurable boom replaced it.The Fed reduced the discount rate from 7% in 21 to 3% by 24 Such a dramatic reduction promoted general expansion, risktaking, speculation and reckless spending US Treasury also started reducing corporate tax rates.Business was aided by the spread of the automobile In almost most aspects business was good, giving the stockmarket a sound underpinning.Banks were failing as they had lent to the farmers where price had plummeted and they had no Govt assistance.The key to success in stock trading was exclusive information.In 27 the Fed reudced interest rates, rather than increasing them to reign in margin lending (where they only put down 1020%) They increased rates in 28 but it was too late who cared if the margin loan rate went from 8% to 12% if a man could make 100% in a month!?Banks were able to lend from the Fed at 5% and loan it out via margin loans at 12% In 29 the margin rate went as high as 20% and settled at 15%.Sep 3 1929 was the high of the market which would endure for 25 years.By 32 unemployment was at 25%, industrial production was half of its 29 high, industrial stocks were down 80% and there were big foreign withdrawals of gold.In 31 the stock exchange adopted a rule forbidding short sales in stocks that were already on the way down (stands today).In 32 there was a run on the banks Roosevelt enforced an 8 day bank holiday at one point The market was closed over this period as well but rose 15% the day after it reopened.Roosevelt forced investment banks and trading banks to separate The House of Morgan chose to be a trading bank Morgan got 50% of the firms profits and the other partners 50%.Roosevelt attempted to stoke inflation for farmers by removing the US$ peg to gold Reversed it in 34 when inflation didnt respond dut to a lower US$.Repeal of prohibition in 33.