1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation
by Andrew Ross Sorkin · 14 Oct 2025 · 664pp · 166,312 words
Stagg Lawrence, Princeton economist Royal Meeker, pro–stock market economist The Journalists Claud Cockburn, British writer for The Times of London Samuel Crowther, author of “Everybody Ought to Be Rich” for Ladies’ Home Journal William Floyd, author of People vs. Wall Street Major Robert H. Glass, newspaperman, father of Carter Glass William Randolph Hearst, publisher
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, the stock would rise, which would help the company. * * * Raskob, for his part, had been working with a journalist, Samuel Crowther, on a story titled “Everybody Ought to Be Rich,” which was about to be published in Ladies’ Home Journal. Reaching out to the masses in a mainstream publication—the masses he hoped would soon
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financial power. I also relied on Edward Lamont’s The Ambassador from Wall Street for its sharp portrait of Thomas Lamont, and David Farber’s Everybody Ought to Be Rich for the larger-than-life story of John Jakob Raskob. Earl Sparling’s Mystery Men of Wall Street, written in the crash’s immediate aftermath
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J. Raskob, Capitalist (Oxford University Press, 2013), 38. GO TO NOTE REFERENCE IN TEXT he started his career: Farber, Everybody Ought to Be Rich, 2. GO TO NOTE REFERENCE IN TEXT Then, like so many others: Farber, Everybody Ought to Be Rich, 4, 38. GO TO NOTE REFERENCE IN TEXT “I was raised”: “Management—Ambition—Initiative,” Philadelphia Inquirer, March 31
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-made hero of American business: Farber, Everybody Ought to Be Rich. GO TO NOTE REFERENCE IN TEXT he told a journalist: Farber, Everybody Ought to Be Rich, 251. GO TO NOTE REFERENCE IN TEXT Two million shares traded hands: Farber, Everybody Ought to Be Rich, 251. GO TO NOTE REFERENCE IN TEXT The two men had become friends: Farber, Everybody Ought to Be Rich, 228. GO TO NOTE REFERENCE IN
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TO NOTE REFERENCE IN TEXT he gave the governor a gift: Farber, Everybody Ought to Be Rich, 228. GO TO NOTE REFERENCE IN TEXT Feeling indebted to Raskob: Farber, Everybody Ought to Be Rich, 233. GO TO NOTE REFERENCE IN TEXT A few days after their conversation: Farber, Everybody Ought to Be Rich, 233–35. GO TO NOTE REFERENCE IN TEXT he was formally elected
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Crisis of the Old Order, 1919–1933 (Houghton Mifflin Company, 1957), 127. GO TO NOTE REFERENCE IN TEXT Raskob also made a critical blunder: Farber, Everybody Ought to Be Rich, 237–38. GO TO NOTE REFERENCE IN TEXT It had been his plan: “Raskob Quits Post in General Motors to Appease Critics,” New York Times
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turmoil: “Raskob Quits Post in General Motors to Appease Critics,” New York Times; Farber, Everybody Ought to Be Rich, 241. GO TO NOTE REFERENCE IN TEXT Raskob quickly sold: Farber, Everybody Ought to Be Rich, 241. GO TO NOTE REFERENCE IN TEXT Under direct fire: Farber, Everybody Ought to Be Rich, 249, 253. GO TO NOTE REFERENCE IN TEXT “It is a cardinal rule”: “Chairmen
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Clearing $1,300,000 Debt,” News Journal. GO TO NOTE REFERENCE IN TEXT Its primary creditor was: Farber, Everybody Ought to Be Rich, 271. GO TO NOTE REFERENCE IN TEXT the likes of Herbert H. Lehman: Farber, Everybody Ought to Be Rich, 251. GO TO NOTE REFERENCE IN TEXT even Arthur H. Sulzberger: Arthur Hays Sulzberger would go on to
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moral insensibility”: “Senator Glass Hotly Assails Hoover Regime,” Buffalo News. GO TO NOTE REFERENCE IN TEXT Chapter Twelve “Go ahead and do things”: David Farber, Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist (Oxford University Press, 2013), 16. The full statement read: “Go ahead and do things, the bigger
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Bubble Burst, 206. GO TO NOTE REFERENCE IN TEXT “The way to wealth”: Crowther, “Everybody Ought to Be Rich.” GO TO NOTE REFERENCE IN TEXT “This plan of equity investments”: Crowther, “Everybody Ought to Be Rich.” GO TO NOTE REFERENCE IN TEXT Crowther called Raskob: Crowther, “Everybody Ought to Be Rich.” GO TO NOTE REFERENCE IN TEXT “This is the greatest vision”: “Mr. Raskob’s
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‘Poor Man’s Investment Trust,’ ” Literary Digest, June 1, 1929. GO TO NOTE REFERENCE IN TEXT When a female reporter: David Farber, Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist (Oxford University Press, 2013), 257. GO TO NOTE REFERENCE IN TEXT Still, Raskob was well aware
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: Thomas and Morgan-Witts, The Day the Bubble Burst, 207. GO TO NOTE REFERENCE IN TEXT He had quietly been shorting: Farber, Everybody Ought to Be Rich, 269. GO TO NOTE REFERENCE IN TEXT Newspapers had invoked: “Senators Attack ‘Stock Gambling’; Curb Is Demanded,” Philadelphia Inquirer, June 5, 1929. GO TO NOTE
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TEXT “Not that I know of yet”: “Al Smith Will Help Build Skyscraper,” Associated Press. GO TO NOTE REFERENCE IN TEXT the new building: Farber, Everybody Ought to Be Rich, 8. GO TO NOTE REFERENCE IN TEXT Baruch was hunting grouse: Bernard Mannes Baruch, Baruch: My Own Story (Henry Holt and Company, 1957). GO TO
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: Thomas and Morgan-Witts, The Day the Bubble Burst, 292–98. GO TO NOTE REFERENCE IN TEXT Chapter Sixteen John Raskob organized lunch: David Farber, Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist (Oxford University Press, 2013). GO TO NOTE REFERENCE IN TEXT “In a healthy market we prosper
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previous cable”: Lamont Papers, 1894–1948 , box 108. GO TO NOTE REFERENCE IN TEXT Chapter Twenty-Two John Raskob got a panicked call: David Farber, Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist (Oxford University Press, 2013), 270. GO TO NOTE REFERENCE IN TEXT Riordan had sat down: “J
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. P. Geagan, at 5:50 p.m. GO TO NOTE REFERENCE IN TEXT Riordan was a member: Farber, Everybody Ought to Be Rich, 270. GO TO NOTE REFERENCE IN TEXT Riordan had extended a loan: Farber, Everybody Ought to Be Rich, 271. GO TO NOTE REFERENCE IN TEXT a self-made man who got: “J.J. Riordan Ends Life with
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TEXT “It is very understandable”: “Raskob in Charge of Riordan’s Bank,” New York Times. GO TO NOTE REFERENCE IN TEXT Raskob was blunt: Farber, Everybody Ought to Be Rich, 271. GO TO NOTE REFERENCE IN TEXT He had been receiving threatening calls: Richard Smitten, Jesse Livermore: World’s Greatest Stock Trader (John Wiley & Sons
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Company: “Television Station for Empire State,” New York Times, July 25, 1931. GO TO NOTE REFERENCE IN TEXT less than 20 percent occupied: David Farber, Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist (Oxford University Press, 2013), 277. GO TO NOTE REFERENCE IN TEXT gave space away for free
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: Farber, Everybody Ought to Be Rich, 277. GO TO NOTE REFERENCE IN TEXT the press dubbed it: Neal Bascomb, “Before the Crash: Bringing in the Blue Chips,” New York Times, May
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26, 2005. GO TO NOTE REFERENCE IN TEXT Because Raskob was personally averse: Farber, Everybody Ought to Be Rich, 306–8. GO TO NOTE REFERENCE IN TEXT Raskob fought one last big fight: “Du Pont in New Tax Plea; He and Raskob Say Judge
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’s Ailments May Have Hurt Case,” New York Times, November 7, 1941; Farber, Everybody Ought to Be Rich, 317. GO TO NOTE REFERENCE IN TEXT In 1945, tragedy struck: “B-25 Crashes in Fog,” New York Times, July 29, 1945. GO TO NOTE
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of Treasury Titans at War. Pegasus Books, 2023. Ellis, Charles D. The Partnership: The Making of Goldman Sachs, rev. ed. Penguin Books, 2009. Farber, David. Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist. Oxford University Press, 2013. Field, Carter. Bernard Baruch: Park Bench Statesman. Whittlesey House, McGraw-Hill, 1944
Extreme Money: Masters of the Universe and the Cult of Risk
by Satyajit Das · 14 Oct 2011 · 741pp · 179,454 words
could be eliminated. The Dow Jones Industrial Average, trading at the time around 11,000, was forecast to more than triple. In a 1929 article “Everybody ought to be rich” in the Ladies’ Home Journal, John Raskob, a director of General Motors, wrote in a similar vein. An investment in shares of just $15 a
The Great Divergence: America's Growing Inequality Crisis and What We Can Do About It
by Timothy Noah · 23 Apr 2012 · 309pp · 91,581 words
told them to. In August 1929 the investor and Democratic National Committee chairman John J. Raskob published, in the Ladies’ Home Journal, an article titled “Everybody Ought to be Rich.” In mid-October Yale’s Irving Fisher—the most eminent economist of the era—pronounced, “Stock prices have reached what looks like a permanently high
The Snowball: Warren Buffett and the Business of Life
by Alice Schroeder · 1 Sep 2008 · 1,336pp · 415,037 words
. Even so, only three in a hundred Americans owned stocks. Many had borrowed heavily to play the market, entranced by John J. Raskob’s article, “Everybody Ought to Be Rich” in the August 1929 Ladies’ Home Journal and Edgar Lawrence Smith’s proof that stocks outperform bonds (Common Stocks as Long-Term Investments. New York
Stocks for the Long Run, 4th Edition: The Definitive Guide to Financial Market Returns & Long Term Investment Strategies
by Jeremy J. Siegel · 18 Dec 2007
E N T S Foreword xv Preface xvii Acknowledgments xxi PART 1 THE VERDICT OF HISTORY Chapter 1 Stock and Bond Returns Since 1802 3 “Everybody Ought to Be Rich” 3 Financial Market Returns from 1802 5 The Long-Term Performance of Bonds 7 The End of the Gold Standard and Price Stability 9 Total
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way of judging the future but by the past. PA T R I C K H E N R Y, 1 7 7 5 1 “EVERYBODY OUGHT TO BE RICH” In the summer of 1929, a journalist named Samuel Crowther interviewed John J. Raskob, a senior financial executive at General Motors, about how the typical
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wealth by investing in stocks. In August of that year, Crowther published Raskob’s ideas in a Ladies’ Home Journal article with the audacious title “Everybody Ought to Be Rich.” In the interview, Raskob claimed that America was on the verge of a tremendous industrial expansion. He maintained that by putting just $15 per month
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–18, 17i, 332–333 Establishment survey, 241 Index Europe: global market share of, 179, 179i, 180i sector allocation and, 175i, 177 Evans, Richard E., 356 “Everybody Ought to Be Rich” (Crowther), 3 Excess returns, 215 Excessive trading, 325–328 Exchange-rate policies, stock market crash of 1987 and, 274–275 Exchange-traded funds (ETFs), 252
Capitalism in America: A History
by Adrian Wooldridge and Alan Greenspan · 15 Oct 2018 · 585pp · 151,239 words
in the country applauded the bull market. In 1927, John Raskob, one of the country’s leading financiers, wrote an article in Ladies’ Home Journal, “Everybody Ought to Be Rich,” advising people of modest means to park their savings in the stock market.2 A year later, Irving Fisher, one of the country’s most
Stocks for the Long Run 5/E: the Definitive Guide to Financial Market Returns & Long-Term Investment Strategies
by Jeremy Siegel · 7 Jan 2014 · 517pp · 139,477 words
or otherwise. CONTENTS Foreword Preface Acknowledgments PART I STOCK RETURNS: PAST, PRESENT, AND FUTURE Chapter 1 The Case for Equity Historical Facts and Media Fiction “Everybody Ought to Be Rich” Asset Returns Since 1802 Historical Perspectives on Stocks as Investments The Influence of Smith’s Work Common Stock Theory of Investment The Market Peak Irving
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INVEST”2 Stocks for the Long Run by Siegel? Yeah, all it’s good for now is a doorstop. —INVESTOR CALLING INTO CNBC, MARCH, 20093 “EVERYBODY OUGHT TO BE RICH” In the summer of 1929, a journalist named Samuel Crowther interviewed John J. Raskob, a senior financial executive at General Motors, about how the typical
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wealth by investing in stocks. In August of that year, Crowther published Raskob’s ideas in a Ladies’ Home Journal article with the audacious title “Everybody Ought to Be Rich.” In the interview, Raskob claimed that America was on the verge of a tremendous industrial expansion. He maintained that by putting just $15 per month
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–62, 64–67 world demographics and, 62–64 Equity since 1802, generally, 5–7 during 1982–2000, 12–17 common stock theory and, 8–9 “Everybody Ought to Be Rich” on, 3–5 favorable factors for, 139 financial crises and, 17–19 Fisher on, 9 globally, 196 historical facts about, 3–19 Lehman Brothers and
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World Wars in, 252–253 Europe, Australasia, Far East (EAFE) Index. See EAFE (Europe, Australasia, Far East) Index European Central Bank, 31 Evans, Richard, 371 “Everybody Ought to Be Rich,” 3–5 “An Evil Omen Returns,” 157–159 Excessive trading, 345–347 Exchange rate policies, 293–294 Exchange Stabilization Fund, 33 Exchange-traded funds (ETFs
The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors
by Spencer Jakab · 1 Feb 2022 · 420pp · 94,064 words
this quote’s vintage. It was from an interview with the auto executive and stock market speculator John J. Raskob in Ladies’ Home Journal, titled “Everybody Ought to Be Rich,” that hit newsstands one week before the peak of the Roaring Twenties bull market and two months before the Great Crash of 1929.[1] The
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!!” Twitter, January 26, 2021, 4:08 p.m., twitter.com/elonmusk/status/1354174279894642703. BACK TO NOTE REFERENCE 4 Chapter 15: The Influencers John J. Raskob, “Everybody Ought to Be Rich,” Ladies Home Journal, August 1929. BACK TO NOTE REFERENCE 1 Chamath Palihapitiya (@chamath), “Lots of $GME talk soooooo. . . . We bought Feb $115 calls on $GME
The Intelligent Investor (Collins Business Essentials)
by Benjamin Graham and Jason Zweig · 1 Jan 1949 · 670pp · 194,502 words
, a most important figure nationally as well as on Wall Street, extolled the blessings of capitalism in an article in the Ladies’ Home Journal, entitled “Everybody Ought to Be Rich.”* His thesis was that savings of only $15 per month invested in good common stocks—with dividends reinvested—would produce an estate of $80,000
The Power of Gold: The History of an Obsession
by Peter L. Bernstein · 1 Jan 2000 · 497pp · 153,755 words
, when John J. Raskob, Director of General Motors, friend of the DuPonts, and Chairman of the Democratic Committee, wrote in the Ladies' Home Journal that "Everybody Ought to Be Rich," he evidently had plenty of believers.1 It is fair to ask why the unfolding miracles in the stock market were of any concern to
Irrational Exuberance: With a New Preface by the Author
by Robert J. Shiller · 15 Feb 2000 · 319pp · 106,772 words
The Gone Fishin' Portfolio: Get Wise, Get Wealthy...and Get on With Your Life
by Alexander Green · 15 Sep 2008 · 244pp · 58,247 words
Higher: A Historic Race to the Sky and the Making of a City
by Neal Bascomb · 2 Jan 2003 · 366pp · 109,117 words
The Great Crash 1929
by John Kenneth Galbraith · 15 Dec 2009 · 319pp · 64,307 words
The Cost of Inequality: Why Economic Equality Is Essential for Recovery
by Stewart Lansley · 19 Jan 2012 · 223pp · 10,010 words
Heads I Win, Tails I Win
by Spencer Jakab · 21 Jun 2016 · 303pp · 84,023 words