1. BIBLIOGRAPHY
Blumenthal, Karen. SIX DAYS IN OCTOBER: THE STOCK MARKET CRASH OF 1929. 2002. New York, NY. Atheneum Books for Young Adults. ISBN: 0689842767
2. SUMMARY
When reminiscing about dark times in US history, October 1929 would need to be included. From October 24 through the 29th the fortunes that many Americans had accumulated by investing in the lucrative stock market disappeared just as quickly as it was acquired. At first, the drop in the stocks was viewed as a fluke but as the decline became worse over the next few days it became evident that regaining lost fortunes was not going to happen soon. Over 25 billion dollars from stock market investors (from the car manufacturer to bellboys) vanished. Families lost everything and were forced to sell off personal property and live on the streets to pay off debts. This event affected the course of the nation’s finances for years to come, as investing in the market no longer seemed like a sure thing. It was many decades later before Wall Street saw trading numbers as they were prior to the crash.
3. CRITICAL ANALYSIS
For anyone who has ever struggled to understand the ins and outs of the stock market, Six Days in October will make things easy to understand while at the same time explain the stock market crash of 1929 in an educational way that holds the reader's attention. Along with 1920’s illustrations, including actual Wall Street documents and accounts add an authentic feel to the book as a well researched piece of American history.
Wall Street bureau Chief Karen Blumenthal unfolds the six day period of the great stock market crash of 1929. For young readers currently living through the “occupy wall street” issue, this story includes stock market fundamental explained in simple terms for anyone to understand. Side topics scattered throughout the book (What are bonds? What is a stock split?) make understanding the basics easier for the novice.
When telling the story of the actual Wall Street crash, Blumenthal succeeds in taking out the mystery of how Wall Street works along with telling the story of how fascinating the times and the people were during the decade of the 1920’s.To many, playing the market was like a game or making a sure thing bet. Even if you lost, you would always have the chance of recovering. Before the crash, the stock market had proven itself as a way to get rich quick with little monetary loss. During this time, you were thought to be crazy not to be partaking in the market. Everyone from tycoons to elevator boys were in on the buying, selling and speculating of the market. The frightening part, the reader finds, is that people were borrowing the funds to do it. Credit was a new thing at the time and seemed like a viable option to many. Borrow the money, make that back plus some, pay back the debt and keep on investing. Not only were individuals (investors) borrowing money but banks and large corporations were as well.
As the government and Federal Reserve tried to step in and minimize this borrowing behavior, those that were key players blocked this from happening. Speculation was good for the market. So it continued. Blumenthal writes, “Executives who had spent their lives building solid reputations cut secret deals in pursuit of their own stock-market riches.” This statement is very reminiscent of current events as well in the world of finance.
It continued of course until late October in 1929 when the market crashed and was unable to turn itself around. The struggle is played out in the 6 crucial days of the market falling and the attempts to turn it around are described in full detail.
Blumenthal’s attention to the fine details about the Wall Street movers and shakers of the time as well as the average person lives and activities makes this a strong and powerful read. The personal stories make the story authentic and real to the reader. Reading about famed comedian Groucho Marx misfortune as well as ordinary people who gave up lucrative businesses to be speculators and then to lose it all. Publisher’s weekly states that the book is, “A compelling portrait of a defining moment in American history.” With the authors well thought out execution and documentation of the story, this book would make a great addition to any middle school library and studies about the 20th century.
4. AWARDS/REVIEWS
2003 Robert F. Sibert Award Honor Book
CBC/NCSS Notable Social Studies Trade Book
KIRKUS review: "[A] solid exploration of an event whose importance is undisputed but which is rarely so lucidly explained for anyone, let alone young readers."
BOOKLIST review: "Blumenthal combines a fascinating overview of the infamous stock market crash in 1929 with a rare and useful primer of financial basics....Rapid, simply constructed sentences increase the drama and suspense while making difficult concepts easily understood....[A] riveting history..." Gillian Engberg
SLJ review: "In this thoroughly researched work, Blumenthal focuses on the days leading up to and including the crash....Overall, this is a solid account of an important chapter in American history..."
5. CONNECTIONS
Further explore the stock market crash, the 1920’s and the Great Depression
Karen Blumenthal Official Page
Curriculum for teaching about the Stock market and Wall Street
No comments:
Post a Comment