Wall Street : a history /

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Bibliographic Details
Author / Creator:Geisst, Charles R.
Edition:Updated ed.
Imprint:Oxford ; New York : Oxford University Press, 2012.
Description:xiv, 528 p. : ill. ; 25 cm
Subject:New York Stock Exchange.
New York Stock Exchange.
Wall Street (New York, N.Y.) -- History.
New York (State) -- New York -- Wall Street.
Format: Print Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/9042774
Hidden Bibliographic Details
ISBN:9780195396218 (pbk. : alk. paper)
0195396219 (pbk. : alk. paper)
Notes:Includes bibliographical references (p. 480-489) and index.
Review by Choice Review

This book, an updated edition (1st ed., CH, Jan'98, 35-2829), disappoints because it lacks the insights and balance that one expects from an author who is a finance professor, as Geisst (Manhattan College) is. According to his account, all problems in finance stem from insufficient regulation, and more regulation can solve them. Geisst never mentions in his chapter on the Great Depression (even to dismiss it) the widely accepted view among monetary economists that Federal Reserve policy was the primary cause of the recession from 1929 to 1933. In addition, no economist should mangle Schumpeter's concept of creative destruction, nor state, as Geisst does, that a 57 percent market share by the top six firms indicates monopoly. For Geisst, the root cause of the 2008 financial panic was repeal of Glass-Steagall restrictions. He ignores government housing regulations such as the Community Reinvestment Act and downplays the role of "moral hazard," a term he uses once without explaining it. The book is lightly footnoted and, despite its length, is clearly aimed at a nonacademic audience. Geisst is author of several works, including Collateral Damaged: The Marketing of Consumer Debt to America (CH, Dec'09, 47-2113) and The Last Partnerships: Inside the Great Wall Street Dynasties (CH, Oct'01, 39-1057). Summing Up: Optional. General readers. R. E. Schenk emeritus, Saint Joseph's College (IN)

Copyright American Library Association, used with permission.
Review by Choice Review