By Robert Menschel
During this interesting travel via cultural, worldwide, financial, and company background, icon of the monetary global Robert Menschel explores the phenomenon of crowd psychology and its results on company and tradition. Explaining how crowd psychology creates industry bubbles and irrational exuberance, Menschel mines global history—from the increase of the Nazis in Germany, to the fanatical love of manufacturers, to the Dutch tulip craze of the 17th century, to America’s Nineties web bubble—to demonstrate how the habit of crowds negatively impacts the company international. Championing the explanations of individuality and customary experience, Markets, Mobs & Mayhem deals actual knowledge for traders who are looking to retain their wits while every person else is wasting theirs.
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Extra info for Markets, Mobs, and Mayhem: A Modern Look at the Madness of Crowds
Example text
So I picked out a posting at random and had a look. Here’s how it began: “I have a friend who is a doctor who has invested a fair amount in Level 3 and who has invested more since listening to the third-quarter earnings conference call. ” Well, maybe it will, I thought. But when you look at secondhand information being passed on in an anonymous venue (screen names only are used, not real ones) and pegged to such a slim reed, you’ve got to think 6 Booms, Bubbles & Busts this guy is either a patsy, a shill, or just maybe a wise man.
Even Robert Walpole, who had spoken out against the scheme, couldn’t resist. He, too, purchased a block of shares (and later lost heavily in the crash). People of all sorts and conditions joined the mad rush to get aboard the bull market. It seemed at that time as if the whole nation had turned stockjobbers. Exchange Alley was every day blocked up by crowds, and Cornhill (a street in London’s financial district) was impassable for the number of carriages. Everybody came to purchase stock. 20 Booms, Bubbles & Busts The Bernie Cornfelds of the eighteenth century sensed an opportunity.
A run on the bank ensued, together with a disastrous collapse in the price of Mississippi Company stock. Although the government tried to restore confidence in the currency by devaluing gold and silver in terms of paper money, nobody fell for the ruse. The panic only intensified. As a final expedient, the tyrannical regent forbade private citizens to possess more than a token amount of gold and silver. In a last-ditch effort to prop up the Mississippi Company’s stock, Law asked the government to conscript 6,000 Parisian street urchins to work the supposedly abundant gold mines in Louisiana.