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Only Yesterday : An Informal History of the 1920's (Wiley Investment Classic) |
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| Publisher |
| Wiley |
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| Published |
| August 1997 |
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| ISBN |
| 0471189529 |
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| $21.95 |
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| $14.93 |
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| Sales Rank: |
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336,950 |
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Only Yesterday Hailed as a classic even when it was first published in 1931, Only Yesterday remains one of the most vivid and precise accounts of the volatile stock market and the heady boom years of the 1920's. A vibrant social history that is unparalleled in scope and accuracy, it artfully depicts the rise of post - World War I prosperity, the catalytic incidents that led to the Crash of 1929, and the devastating economic decline that ensued—all set before a colorful backdrop of flappers, Al Capone, the first radio, and the "scandalous" rise of skirt hemlines. Now, this mesmerizing chronicle is reintroduced to offer readers of today an unforgettable look at one of the most dynamic periods of America's past. With a novelist's eye for detail and a historian's attention to the facts, Frederick Lewis Allen tells a story that will ignite your imagination as its rich pageant of characters and events comes alive. Peppering his narrative with actual stock quotes and financial news, Allen tracks the major economic trends of the decade and explores the underlying causes of the Crash. Here are fresh accounts of Harding's oil scandals and the growth of the automobile industry, as well as the decline of the family farm, the Coolidge prosperity, and the long bull market of the late twenties. Allen's virtual hour-by-hour account of the Crash itself, told from multiple perspectives with mounting suspense, is as gripping as anything you are likely to read in fiction. In addition to his power as a storyteller, Allen was a living witness to the events he describes; there is a thrilling you-are-there feeling about the unfolding history. After a brief "return to normalcy" following the War, the pace of life in America quickly escalated to a full gallop. New forces were being unleashed: prosperity with serious inflation, larger-than-life figures such as J. Pierpont Morgan and Henry Ford, and the Big Red Scare of the early twenties. Allen documents the new inventions, fads, and scandals as they affected the daily life of the country, including the impact of Freud and Einstein, Prohibition and Al Capone, Babe Ruth and Jack Dempsey, the trial of Sacco and Vanzetti, and the shocking changes in manners and morals. In Only Yesterday we hear America talking to itself from coast to coast, furiously debating its own rapidly evolving destiny. An engaging narrative that describes the harried, often tumultuous events of Wall Street in the twenties, as well as the infectious spirit of the times, Only Yesterday is not only a compelling account of years gone by, but a true classic that will be appreciated for years to come. "When this fascinating social history of America in the 1920's was first published in 1931, the twenties were indeed Only Yesterday. But, as Mr. Allen makes clear, they were so much more than the clich— would have it. . . . Frederick Allen's marvelous book brings back an exciting time in the life of the nation. I am quite sure you will enjoy reading it as much as Mr. Allen and I enjoyed living it." —from the Foreword by Roy R. Neuberger. Recognized as a classic even when it was first published in 1931, Only Yesterday is a fascinating and revealing chronicle of the volatile stock market and heady boom years of the 1920's. Written by an esteemed historian who witnessed firsthand the explosive atmosphere and events of the time, this compelling narrative takes its place as one of the most important and invaluable contributions to investment literature. Acclaim for Only Yesterday "Marvelously absorbing . . . Only Yesterday tells the story of the 1920's from the collapse of Wilson and the New Freedom to the collapse of Wall Street and the New Era." —Stuart Chase, Books. "A perfectly grand piece of historical record and synthetic journalism." —Fanny Butcher, Chicago Tribune. "A style that is verve itself . . . Besides telling the story of the bull market in fine perspective, Mr. Allen presents the first coherent account that we have seen of the oil scandals that will eventually make the Harding regime match that of President Grant and the Crédit Mobilier story in the history books of the future." —John Chamberlain, The New York Times. |
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Product Reviews |
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| Review this item. Coming soon! |
| Average rating: 4.8 |
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| Federal or Confederate? |
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Rating |
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| February 10, 2004 |
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The author details the ephemera of the roaring twenties and in doing so seems to capture the geist of the times. The country is already divided between the forces of "decency" and the predators, who, at the most articulate levels, profess "laissez faire capitalism." The object of this French term is the United States government. By 1918 it was a fast ship, roaring to the aid of the beleaguered peoples of Europe, tipping the balance in the "war to end wars" in favor of the right side. In this spirit also, prohibition was passed. The moment the war came to an end, the American people fled from the banners of decency just as fast as their legs could carry them. The government became a derelict hulk captained by token presidents. Wilson drove himself to death trying in vain to bring about a "just and lasting peace." Harding, the great American "good guy", enmeshed himself in the "Teapot Dome Scandals" perpetrated by his friends, the Texas oil millionaires. The author speculates that his rather unexpected death was a concealed suicide. The oil intended for U.S. naval reserves went elsewhere at a large profit, much to Japan. The south rose again in the form of the resurrected Klu Klux Klan (the book does not mention its previous disbanding by the actual confederate veterans). They ruled at the state and local levels (hence "states rights"). Justice was an open joke, but who cared about it? The American people were busy pursuing a sexual revolution and illicit booze. The satirist, H. L. Mencken, had a field day. Al Capone ruled Chicago. Hundreds of rackets sprang up everywhere and small businessmen paid taxes to the mob. Why did the government not act? Mammon was God and was being preached not only by the clergy from the pulpit but by its new apostles, the salesmen. "Hands off", they said, and that will be the best. The little people attempted to defend themselves and their jobs through unions and were assaulted by reactionary forces acting at state and local levels. Anarchy and disorder were on the increase. The IWW reached maximum extent, especially in the west. Reactionaries countered with "the red scare." Sacco and Vanzetti were executed for a crime the judge and prosecutor knew they did not commit, because they were "anarchists" (they were not). Reaching the end of the decade, the author gives us the handwriting on the wall: the crash of late 1929. Laissez faire, he hints, was not going to work in the 20th century. He could not then know of the rise of FDR, the suppression of the Klan, the legalization of unions, and the strengthening of the government into a social regulatory force and quasi-empire. Nor could he know that the divisiveness would continue, and the protagonists would be roughly the same. What a pity. |
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| Engaging Storyteller |
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Rating |
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| June 17, 2003 |
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Allen takes us back to the 1920s through the craft possessed only by skilled storytellers. He puts culture into its proper context by pointing out how rapidly things were changed by technological innovations of the time. For example, on page137 he notes "there was no such thing as radio broadcasting to the public until the autumn of 1920, but that by the spring of 1922 radio had become a craze." The nation was in some ways, still in the remnants of an agrarian society, poised to enter the industrial, urban era, but not making the full plunge yet. Perhaps a transitional time would be a better label to put on the snapshot of this period. The reason I say that is due to the description he gives of the swearing in of Calvin Coolidge. "Business was booming when Warren Harding died, and in a primitive Vermont farmhouse, by the light of an old-fashioned kerosene lamp, Colonel John Coolidge administered to his son Calvin the oath of office as President of the United States" (p. 132). The book is full of glimpses which fit together to provide a hoistic portrayal of the decade. |
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| During the 'Roaring 20's' they had it all! |
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Rating |
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| September 25, 2002 |
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This is a wonderful little book (301 pages) about life in America in the decade between World War I (Armistice Day) and the Panic of October 29, 1929. Frederick Lewis Allen - a career writer-editor for various national publications (Atlantic Monthly, Century, Harper's, etc.) wrote this book in 1931. Thus, he provides a quick, fresh glance back upon this exciting period - the "Roaring 20's" - that he'd personally just experienced. Allen touches briefly, but poignantly, on all the important political, economical and social aspects of American life in these years. He includes capsule biographies of the presidents: of Woodrow Wilson and his failure to successfully promote his '14 Point-based peace treaty and a League of Nations; of Warren G. Harding - handsome, personable, decent, but unaware, apparently, of the scandals taking place around him; of 'silent' Calvin Coolidge and his era of prosperity; and of Herbert Hoover - well-meaning, but unable to find answers to the deteriorating economy and the approaching depression. Allen also describes the people, events and activities that impacted the lives of Americans in those years, including the fear of communism and socialism ('The Red Scare'), women's emancipation, the growing proliferation and influence of radio, the impact of new magazines dealing with the movies, adventure, romance and true confessions, the importance of newly created newspaper empires and chains, beauty contests, changing fashions, cosmetics, advertising, and new automobiles (Ford's Model A). He describes the country's heroes and its new obsessions and fads: Babe Ruth and baseball, Charles Lindbergh and aviation, Clarence Darrow and William Jennings Bryan doing verbal battle over religion at the Scopes' Monkey Trial in Dayton, Tennessee, Jack Dempsey, Gene Tunney and boxing, Bobby Jones and golf, Bill Tilden and tennis, flag-pole sitters, flappers, marathon dancing, scandals and crimes. Allen provides a wonderful chapter on prohibition - one of the really great issues of the era. The oft repeated message that man is destined to repeat past mistakes if he refuses to heed the lessons of history is demonstrated, I think, in this very chapter. Having succeeded in legislating this specific moral behavior (i.e., abstinence)the federal and state governments quickly learned that the people were not going to obey this law voluntarily, and that no one was going to be able to enforce it (sound like somebody's 'drug war'?!). Prohibition introduced - indeed, precipitated - a fascinating, new period in U.S. history: the country was soon awash with bootleggers, bathtub gin, speakeasies, gangwars, lawbreaking, hipflasks, sex, and exuberant hell-raising. Al Capone arrived in Chicago from New York, hired some 700 goons, armed them with shotguns and machine guns and tasked them with monopolizing Chicago's beer and liquor trade. When enormous profits started rolling in, the gangsters then moved into other lucrative business activities - gambling, horse racing, boxing, dance halls, prostitution, unions, restaurants, distilleries, breweries, etc. Life was good. Allen's chapter on the 'Big Bull Market' and the subsequent 'crash' of 1929 reminds one very much of America's more recent adventures involving Wall Street - of a time when investors were mesmerized by the seemingly perpetual rise of stock prices, while being at the same time oblivious to any possibility that stock prices could fall and thereby wipe out almost overnight their newly acquired fortunes. Of course, that's what happened then, and that's what happened to current investors quite recently. So much for respecting the lessons of history. On a happier note - history also shows that readers have been buying, reading, and enjoying this little book for some 7 decades. So, please do heed just this one lesson: read this book yourself! It's history reading at its best! |
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| The more things change... |
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| December 22, 2000 |
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Allen does not limit himself to the "great man" school of history, but gives a wide-ranging and colorful view of a decade disquietingly like the 90s/00s - a careening stock market, a failing war on drugs, and oil company execs in to clean up the White House. This book would get five stars for the Prohibition poem alone: "...it doesn't prohibit worth a dime/Nevertheless, we're for it!" One of the most interesting parts was what Allen doesn't - and couldn't - write about. Only Yesterday was written in 1931, before the full effects of Versailles had been felt. Viewed in that light, Allen's portrait of Wilson, while romanticized, astutely outlines why Wilson's ideas for the peace treaty were wise, and why they were so unlikely to ever be realized. From hemlines to geopolitics, Allen pulls it all together in a fascinating book. |
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