Seeing One’s Friends Getting Rich Is Upsetting

Bernard E. Munk

Chapter Chapter 3 in Disorganized Crimes, 2013, pp 18-30 from Palgrave Macmillan

Abstract: Abstract The late 1990s exhibited a breathtaking confluence of economic change combining vast improvements in computer technology, steadily moderating inflation and rather sturdy economic growth. These themes formed the underlying currents of a massive equity boom that attracted many new investors in the 1990s. As the boom expanded, many of these new investors began to think they could get very rich, very quickly. The key was to move their savings from safe, low yielding investments into more speculative and arguably higher yielding equity securities. Financial conditions of the 1990s paralleled the “Roaring Twenties,” and in the giddy economic environment that resulted, America was divided into two broad classes: those who thought they were going to get rich quickly and those who couldn’t or didn’t. It was a period of financial exuberance that became the greatest equity boom in American financial history. Many of one’s neighbors seemed to be getting rich. It was quite disturbing if one was not getting rich alongside them.

Keywords: Corporate Governance; Equity Market; Investment Bank; Credit Rating Agency; Corporate Governance System (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-33027-7_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137330277

DOI: 10.1057/9781137330277_3

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().