David's review
The Great Crash 1929 by John Kenneth Galbraith
again Galbraith has insights into the machinery of the economic world on a scale that amazes me. A brilliant dissection of a hugely complicated event. HE peers into the turmoil of the time and sifts out the core elements that made a crash possible- leverage that works while assets rise, then telescopes back just as fast when they fall. At this day and age with the contractions in real-estate caused in EXACTLY the same way, it is remarkable what this qualitative economist seems able to perceive rather than needing to calculate. His formula for the 29 crash came into operation in the dot com boom, real-estate, and plenty more before.
