Your Memberships & Subscriptions
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required.
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera - scan the code below and download the Kindle app.
Audible sample Sample
The Great Depression: A Diary Kindle Edition
This collection of those entries reveals another side of the Great Depressionone lived through by ordinary, middle-class Americans, who on a daily basis grappled with a swiftly changing economy coupled with anxiety about the unknown future. Roth's depiction of life in time of widespread foreclosures, a schizophrenic stock market, political unrest and mass unemployment seem to speak directly to readers today.
-
LanguageEnglish
-
PublisherPublicAffairs
-
Publication dateJuly 22, 2009
-
File size2304 KB
Editorial Reviews
Review
“Benjamin Roth has left us a vivid portrait of the Great Depression that is all the more powerful for the similarities and differences with the financial upheavals of today. Roth enables us -- in ways no historian can match -- to immerse ourselves in the sense of despair that Americans of that era felt and their hope that the economy would revive, long before it did. To read the diaries now is both enlightening and chilling.”
Jonathan Alter, The Defining Moment: FDR’s Hundred Days and the Triumph of Hope
“We imagine the Great Depression at two extremes--Franklin Roosevelt's jaunty smile and the haunting images of Dustbowl destitution. But in between were everyday middle class strivers like Benjamin Roth, trying to sort through the wreckage. FDR and the WPA may be long gone but the professional class remains, and the record of its struggle in the Depression has been thin until now. Roth's incisive diaries are more than a precious time capsule. They speak to our economic hopes and fears directly, and to the bewilderment of our own time."
New York Times
“Mr. Roth’s diaries … are compelling reading, because they force readers to reflect on both the similarities and the differences between then and now…. We’re all a little like Benjamin Roth, asking questions we don’t know the answer to, and wonder, as he did 70 years ago, whether the crisis is, indeed, over.”
Spectator Business(UK)
“Here are brief, unsentimental, clear-eyed notes of the growing sense of hopelessness that came over Midwestern American life. This moving book is edited by [Roth’s] son Daniel.”
MoneySense
“A fascinating read, and strangely familiar.”
Financial Times
“[Roth’s] entries compellingly detail the everyday”
Seattle Times
“Roth’s diary is plainly written and professionally edited. It is a window on another age.”
Minneapolis Star-Tribune
“There is an honest searching quality to his day-by-day accounts of banks closing, bread lines forming, friends failing. Striving to understand, he provides a remarkable and often engagingly literate discussion of the great Depression’s impact on people like him.”
About the Author
From The Washington Post
Copyright 2009, The Washington Post. All Rights Reserved.
Product details
- ASIN : B06XC7F747
- Publisher : PublicAffairs (July 22, 2009)
- Publication date : July 22, 2009
- Language : English
- File size : 2304 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 290 pages
- Page numbers source ISBN : 1586489011
- Best Sellers Rank: #952,171 in Kindle Store (See Top 100 in Kindle Store)
- #173 in Biographies of Lawyers & Judges
- #939 in Lawyer & Judge Biographies
- #1,488 in 20th Century History of the U.S.
- Customer Reviews:
About the authors
-
Discover more of the author’s books, see similar authors, read author blogs and more
-
I am very fortunate to be the editor of Inc. magazine and Inc.com, as well as to have worked at TIME, Reuters, The Village Voice, and many other publications, some of which still exist. When it comes to books I lean toward history, particularly history that foregrounds business and economic issues. My new book is a history of gold and American politics; the early reviews have been very flattering, and I hope you will agree with those assessments.
-
Discover more of the author’s books, see similar authors, read author blogs and more
Customer reviews
Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on Amazon-
Top reviews
Top reviews from the United States
There was a problem filtering reviews right now. Please try again later.
What really set this book apart for me was the authors first hand account of events as they unfolded, versus most historical accounting of the period which are mostly a retrospects. Mr. Roth fills us in on current events as they unfolded in America during the time, his opinion on the situations (which leaned conservative) and his predictions. A fun bit of the book is that Mr. Roth would actually go back and review entries and add updates such as "These predictions turned out to be completely wrong.".
I think this book also hit home for me due to the financial situation we're currently going through these days in America. You read about Mr. Roth's trepidations towards FDR and his "New Deal", constantly warning of out of control government spending and the impending inflation boom (which never came).
My wife and I were talking and this book seems to beg the question of what would have come of the American economy if World War 2 hadn't started. Would we have continued on a downward spiral of inflation? It's not fun think about but I really feel that this book paints an accurate (if not a bit biased, but as to be expected with the nature of the account) of The Great Depression and how it impacted Main Street America. (show less)
My father-in-law was born in 1920. He turned out to have a life long hatred of the stock market and refused to ever invest in stocks.
After reading this book, I better appreciate how the Depression experience changed their lives forever.
During the Roaring Twenties, the Dow Jones average grew at a compounded growth rate of 16% a year. It increased from about 100 in 1920 to 381 in 1929. This boom period is similar to the decades of the 1980s and 1990s. In each of these decades, the stock market appreciated at a compounded annual growth rate of about 18%.
It is hard for me to comprehend the stock market shrinking in value by 90%. I first started investing in stock mutual funds in 1980. I lived through the 1-day decline of 22% in 1987, and the roughly 50% declines in both the Tech Wreck of 2000 and the Sub-Prime Crash of 2008. I stayed the course and stayed fully invested through these declines. I am not sure I could stay the course through a 90% decline like in the Depression.
It was interesting to read about Roth's struggles to understand all the economic factors changing around him. It seems that 70 years later in 2008, nobody really understands economics yet. When the first rumbling of troubles in the real estate market surfaced in 2006, I remember an "expert" talking head on TV commenting on the situation. His prediction was that since real estate and construction were less than 10% of the annual GDP, even if we lost the whole sector it would not have much impact on the economy. He did not realize that like the Great Depression, highly leveraged investments implode when the market prices goes down.
I liked Roth's internal struggles to develop an investment strategy that would survive the inevitable boom and bust cycles. He trends towards buying investments at the bottom and selling at the top. He then realizes it is almost impossible to make 2 decisions at exactly the right times (the buy and sell decisions).
The Great Depression prompted other to try to develop a better investment strategy. Benjamin Graham settled in on a portfolio with both stocks and bonds. He suggested the stock portion range from 25% to 75%, with the balance in bonds. He suggested buying stocks when they were selling for less than 50% on the dollar, and selling when they reached 100% of their intrinsic value.
Roth observed that investors with a diversified portfolio did ok. This included blue chip stocks, government bonds, and real estate. None of these should be purchased using borrowed money.
It is too bad the authors did not add a graph of the Dow Jones from 1920 until 1940. This graphic would help readers to understand with an image how high the market went, and how dramatically it declined.
If you are going to attempt to grow your wealth over time, I highly recommend you read this book.
This collection . . . reveals another side of the Great Depression—one lived through by ordinary, middle-class Americans, who on a daily basis grappled with a swiftly changing economy coupled with anxiety about the unknown future. ... ( they ) seem to speak directly to readers today.
That would be a lot and it was all I expected.
It is slightly misleading however. The author is by no means ordinary. Middle class, yes. Ordinary - no. He is an attorney and understands logic and mis-direction.
What I got was a description of the evolution of an intellegent motivated man who admitedly knew nothing about stocks, bonds, investments or economics but who had a passion to understand what was happening, into a truely impressive economic prognosticator.
He was observant enough to realize that the government and the news papers were not telling him the truth. He had a passion to find out what was really happening. He made an exhaustive study of economics, the business cycle, and past crashes. He soon came to realize that the "Experts" didn't know any more about what was going to happen than he did.
He records his studies along with similarities between his current crisis and historical past crises. He makes predictions based on his own studies. He not only writes his expectations, he re-reads them years later and adds comments on his prior writings - one, two, and more years later that he was right or wrong in his expectations.
I have been studying these crises since my father made me read "Extraordinary Popular Delusions and the Madness of Crowds" around 1960. I learned more practical knowledge from this book than from any other book I have ever read.
Who should read this book?
If you are worried about the future and want to know how to protect your assets and your standard of living. You really should read this book.
If for some reason, you are NOT worried about the future and don't worry about protecting your assets and your standard of living. You need ths book even more.
Top reviews from other countries
Easy read and insightful. It felt like you are really seeing all that happening.
Having studied crashes, bubbles, and the depression, I felt I understood what it was all about. However the experiences, and the thoughtful writing of Mr. Roth during the time of the great depression made you feel like you were living through it. I have lived through markets slides, held on to stocks as they plummeted down and bought more if their intrinsic values and margin of safety went up. It can be gut wrenching, however to see the markets slide that much, and for that long, like it did during the depression, it would be hard to control the emotions.
Throughout the book he refers to 'depression stories'. Some investors sounded like they were doing the right thing (like buy real estate at low prices, and invest in 2nd mortgages, or buy stocks after it seemed they hit rock bottom in the 1930's) and still because the market went lower and lower, and the depression became deeper and deeper, they lost everything.
It becomes clear that the timing during the depression would have been extremely difficult, and Mr. Roth gave sound advice (often, and he added corrections if they proved incorrect later on) if he did have money to invest at the time. Mr. Roth was a lawyer, a profession that tremendously suffered during decade of the depression, and hence had no money to invest, and barely survived. You can feel this strain/burden in his writing.
This book is a wonderful timeline giving a play by play as it happened after the crash. Mr Roth was also an intelligent and curious financial writer as he is educating himself on how it all happened, and how he could perhaps take advantage of it.
The other eyeopener I found is that when I truly put myself into Mr. Roth's place, it worried me. I feel like I have adequately recession proofed my life. If there is a small downturn, of one or two years, I would even have surplus money to invest. However, I would not be depression proof, and similarly to Mr. Roth my profession of artist would not fair well during such an economic down slide. Mr. Roth also gives great conservative advice to make your portfolio depression proof, so that if such a down slide would occur that you could take advantage of the bottom of the market and buy bargains at 1/10 to 1/100 of their value.
I could go on and on and keep gushing about this book.. It is been the most worth while read in quite a while.