Booms, Bubbles, and Busts in US Stock Markets
An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood.
This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980s and the emergence of the new economy.
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A unique set of circumstances?
What are the lessons from the 1929 bubble?
The great bull run of the 1990s
Valuation methods and investment strategies
has it arrived?
old and new
in unchartered waters?
Shifting ground beneath the Federal Reserve
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acceleration aggregate demand Asian asset price bubble asset price deflation asset prices balance sheets banks biases bond market bond yields boom budget deficits capital gains capital inflows caused cent collapse companies costs crash crisis debt demand dollar East Asia economic activity effects EPS growth expectations export fear Fed's Federal Reserve Figure financial sector fiscal flows forces fundamentals funds future GDP growth Greenspan growth rate Hence higher incentives income inflationary investment investors Japan labour market lending levels leverage long-run long-term major margin monetary policy money supply NAIRU NASDAQ non-performing loans output paradigm PIE ratios portfolio price inflation price-earnings ratio productivity growth pushed raise rates of return real economy real estate real interest rates recovery rise risk speculative spending stock market stock market bubble stock prices stock valuations stock values strategy targeting trading trend United valuations volatility wealth wealth effects yield curve