Hugely popular when it was first published in 1911, and regarded as a classic ever since, Where the Money Grows is an honest, humorous, and richly perceptive tour of Wall Street and its enduring customs, institutions, and characters. The Street, according to author Garet Garrett, is a world populated not only by bulls and bears, but also by "wolves", "hoodoos", and "invisibles". You'll meet them all in this immensely entertaining and revealing book.
Also included is a scintillating article, "Anatomy of the Bubble", originally published in the Saturday Evening Post. In piercing prose, Garrett unmasks the "debt" bubble and displays uncanny prescience. Debt, it would seem, can be every bit as dangerous as manias and other "irrational exuberance".
The "Anatomy" segment in the book's later part is plain-spoken, eloquent, elegant in its timeless explanations of credit and its use and misuse (and its part in history and economic busts). It was written around 1931-32, but would perfectly describe subprime's woes and 2008.
"Where the Money Grows" is enjoyable, an anecdote-filled tour of Wall Street and its denizens circa 1911, I think. It takes a lot of the gloss and varnish off the fancy exalted image many hold, and shows the same dreamers and shills one can find (though geographically scattered further) still drawn to its flame today. I like the debunking plain-talk approach to it all. I regret this one is not longer, it is easy on the ears and mind, but has enough substance to keep my attention.
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Especially the two last articles were very interesting and very well explained. I can't believe Milton Friedman didn't read this.