Wall Street Wars: The Epic Battles with Washington that Created the Modern Financial System

by Richard E. Farley

In the depths of the Great Depression, Franklin Delano Roosevelt's administration set out to radically remake America's financial system, but Wall Street was determined to stop them.

In 1933, the American economy was in shambles, battered by the 1929 stock market crash and limping from the effects of the Great Depression. But the incoming administration of Franklin Delano Roosevelt, elected on a wave of anxiety and hope, stormed Washington on a promise to save the American economy—and remake the entire American financial system. It was the opening salvo in a long war between Wall Street and Washington.

Author Richard Farley takes a unique and detailed look at the pitched battles that followed—the fist fights, the circus-like stunts, the conmen and crooks, and the unlikely heroes—and shaped American capitalism. With a disparate cast of characters including Joseph P. Kennedy, J.P. Morgan, Huey Long, Babe Ruth, and Henry Ford (who refused to bail out his son's bank, thus precipitating the meltdown of the entire banking system), Farley vividly traces the history of modern American finance and the establishment of a financial system still bitterly debated on Capitol Hill.

Genres: Economics, History, Nonfiction, Business, American History

320 pages, Hardcover

First published May 12, 2015

Reviews

[Adam]

A mostly engaging read for the subject matter. The baseball history was interesting, but I’m not sure it was the best tie-in for the story. Many financial and legal concepts could have been explored more thoroughly, though that would have increased the book significantly. Certain references and story points seemed to jump out of nowhere at times which lead to some confusion. Overall, as someone in the industry, I found it to be beneficial foundational knowledge.

[Senthil Murugesan]

Looks like the financial industry has not learnt its lessons. 2008 financial crash seems so eerily similar to earlier crashes.

[Miles Mrowiec]

Informative account of the formative securities regulation creation. The account was interesting, humorous, but slightly disjointed at times.

[Dean]

Usually, when I read a book on a topic I teach and lecture on I don't usually learn much and so I am pleasantly surprised when I learn a lot of new things I can bring to my teaching and lectures. This is the kind of book that keeps me motivated to keep reading within my subject expertise.

While many are familiar with the Securities Act of '33 & '34 There is no one in the securities industry who wouldn't enjoy this background history of the confessional action in passing them and Joe Kennedy's masterful job as first SEC Chairman in administering and enforcing them and getting the marketplace to accept them.