Suggesting that the 1929 stock market crash initiating the Great Depression was not that much different from the 2008-2009 stock market crash, Bierman (business administration, Cornell U.) here
considers the causes of the 1929 events, aiming to dispel what he sees as common myths about the causes of the crash. He particularly highlights the conclusion that stocks were overpriced
because of mistakes by the Federal Reserve Board. In fact, he argues, only public utilities were significantly overvalued, but this market distortion was compounded by the financial leverage
held by the utilities, holding companies, investment trusts, and investors such that a small change in market price of a utility stock would trigger a massive change in the value of equity
securities. Annotation 穢2010 Book News, Inc., Portland, OR (booknews.com)
