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Every Man a Speculator: A History of Wall Street in American Life

von Steve Fraser

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For more than two hundred years, Americans have enjoyed a love-hate relationship with Wall Street. Long an object of suspicion and fear, it eventually came to be seen as a more inviting place, an open road to wealth and freedom. Peeling away the layers of myth surrounding this fabled street, Steve Fraser shows that the remarkable transformation of Wall Street as a cultural icon -- its odyssey from perdition to salvation, from darkness into light -- is a story that goes to the heart of the American character. Long before we became a shareholder nation, back when only a minuscule part of the country's population invested, Wall Street had already provoked America's collective imagination. From the days when Alexander Hamilton was forced to confess his marital infidelities in order to defend his vision of the Republic's financial future, to Gordon Gekko's mantra "Greed is good" in the movie Wall Street, Americans have always been preoccupied with the virtues and sins of the stock market. Indeed, Wall Street is the place where we have constantly returned to wrestle with our ancestral attitudes about work and play, equality and wealth, God and mammon, heroes and villains, national purpose and economic well-being. Beginning in the Revolutionary era, Every Man a Speculator reveals the extraordinary power of Wall Street and its impact on our democracy; the moral dilemma posed for a society committed to the work ethic yet lured by the promise of instant wealth; and the chronic tension between our native egalitarianism and the forces of social hierarchy unleashed by the Street. In doing so, it spans the ages, from Captain Kidd's sojourn on the Street through the Civil War and Great Depression to the present day, when power brokers stalk the canyons of lower Manhattan speculating on the fate of whole nations. In Every Man a Speculator, Steve Fraser brings this epic history to life with colorful tales of confidence men and aristocrats, Napoleonic financiers and reckless adventurers, master builders and roguish destroyers, men to the manor born and men from nowhere. Meticulously researched and masterfully written, this is a gripping, powerful chronicle that casts new light on the metamorphosis of our nation's most cherished values.… (mehr)
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Received from Helen
  LOM-Lausanne | Mar 19, 2020 |
Arrived Lausanne
  LOM-Lausanne | Mar 19, 2020 |
This book will not teach you much about the development of Wall Street, but quite a lot about America's perception of it from the 18th century until the dot.com boom. From Protestant clergy to politicians to the arts scene, that perception has often been critical.

Mr. Fraser must have read an endless staple of obscure novels and pamphlets and novels, as well as seen many hours of mostly long forgotten movies. I must admit I skipped a few pages here and there. ( )
  mercure | Nov 29, 2009 |
A Cultural Look at America’s Wall Street Relationship

In July, 1849, the arrest of a local confidence man attracted national media attention.

It seems the con artist, one William Thompson, genteelly dressed would approach his marks discreetly flashing a handful of cash. He would confide to the mark that he intended to invest the bundle in a sure fire business deal. He offered to invest the mark’s cash in the same deal if he would demonstrate confidence in the deal by pleading his money and gold watch. Thompson promised to return the next day with the watch and even more cash.

Of course, he never did.

Throughout history, Americans have held ambivalent views of Wall Street. One moment they see it as one huge casino. The next, they see it as a cloister of scholarly seers who possess a mystical secret for instant success.

Steve Fraser has written a Wall Street history that explores that dilemma’s impact on the American psyche. Americans remain preoccupied with the sins and virtues of the financial markets. On one hand they remain committed to their ancestral values of hard work, play, equality, well-being and national purpose. Yet, they are still magnetically drawn to promises of instant wealth and success.

This well-written, thoroughly researched history explores this chronic tension. Through the colorful tales of confidence men and aristocrats, he offers the reader unique insights into our collective view of American Capitalism and its changing culture. ( )
  PointedPundit | Mar 25, 2008 |
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For more than two hundred years, Americans have enjoyed a love-hate relationship with Wall Street. Long an object of suspicion and fear, it eventually came to be seen as a more inviting place, an open road to wealth and freedom. Peeling away the layers of myth surrounding this fabled street, Steve Fraser shows that the remarkable transformation of Wall Street as a cultural icon -- its odyssey from perdition to salvation, from darkness into light -- is a story that goes to the heart of the American character. Long before we became a shareholder nation, back when only a minuscule part of the country's population invested, Wall Street had already provoked America's collective imagination. From the days when Alexander Hamilton was forced to confess his marital infidelities in order to defend his vision of the Republic's financial future, to Gordon Gekko's mantra "Greed is good" in the movie Wall Street, Americans have always been preoccupied with the virtues and sins of the stock market. Indeed, Wall Street is the place where we have constantly returned to wrestle with our ancestral attitudes about work and play, equality and wealth, God and mammon, heroes and villains, national purpose and economic well-being. Beginning in the Revolutionary era, Every Man a Speculator reveals the extraordinary power of Wall Street and its impact on our democracy; the moral dilemma posed for a society committed to the work ethic yet lured by the promise of instant wealth; and the chronic tension between our native egalitarianism and the forces of social hierarchy unleashed by the Street. In doing so, it spans the ages, from Captain Kidd's sojourn on the Street through the Civil War and Great Depression to the present day, when power brokers stalk the canyons of lower Manhattan speculating on the fate of whole nations. In Every Man a Speculator, Steve Fraser brings this epic history to life with colorful tales of confidence men and aristocrats, Napoleonic financiers and reckless adventurers, master builders and roguish destroyers, men to the manor born and men from nowhere. Meticulously researched and masterfully written, this is a gripping, powerful chronicle that casts new light on the metamorphosis of our nation's most cherished values.

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