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In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

Ron Chernow

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Ron Chernow
Age: 75
Born: 1949
Born: March 3
Biographer
Historian
Journalist
Writer
Brooklyn
New York
Chernow
Ronald Chernow
Household
Massive
Saving
Firm
Brokerage
Saws
Firms
Savings
Banks
Shift

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I think there's a tide that tends to carry historians back to the past.
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Writing about dead white males seems to be out of favor among academics.
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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.
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Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.
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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
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The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
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By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.
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I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons.
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A romantic striving for an impossible ideal.
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In waiting for the glorious moment of that first book contract, writers must have giant reservoirs of patience. Yet they must persevere because they don't know the destiny that is being worked out for them. They creep humbly along the ground, without the spacious aerial vision of their lives that would show them the destiny in store for them.
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Early on, New York already had a national and even international identity.
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Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.
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I'm dubious about having Social Security put into the stock market. I think that we have gotten very far away from the idea that there's something sacrosanct about retirement investments.
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In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.
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When news of the crash came, probably a lot of people in small towns and farms across America felt a sense of grim satisfaction that the sinners had finally been punished for their wicked ways.
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In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
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The richly cadenced prose is hypnotic, the research prodigious, the analysis acute, the mood spellbinding, and the cast of characters mythic in scale. I cannot conceive of a better book about Capitol Hill. An unforgettable, epic achievement in the art of biography.
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