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The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s by Michael Lewis, John Brooks

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CHAPTER II

Fair Exchange

1

On the last day of 1960 Wall Street was in a euphoric New Year’s Eve mood, and volume on the New York Stock Exchange set a record for the year of 5,300,000 shares traded. It was a promising red sunset after a long stretch of leaden skies; the last Eisenhower administration was expiring amid general stagnation and a mild business recession, and the market, then as nearly always reflecting hope or fear about the future rather than current facts, was clearly reacting to the go-ahead spirit created through both instinct and intention by a young President-Elect, John F. Kennedy. People felt that now there would be action, movement, indeed forward movement; good things, never mind what, were bound to be ahead. A statistic ...

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