Wheels of Fortune

An intriguing history of the futures market and speculation From Jay Gould's attempt to corner the gold market in the 1860s to the Hunt brothers' scandalous efforts to control the silver market in the 1980s, Wheels of Fortune traces the rich, colorful history of the futures market on its quest for respectability and profit. This comprehensive account shows readers why the markets have been grabbing headlines for over 100 years as both respectable economic institutions and hotbeds of gambling activity and scandal. Charles Geisst brings the personalities and strategies behind the futures market and speculation in general to life, against a backdrop of American life that begins prior to the Civil War.

Acknowledgments vi Introduction vii Chapter 1 A Tale of the Pits 1 Chapter 2 Futures and 'Wild Jackasses' 49 Chapter 3 The Great Bear Hunt 99 Chapter 4 Expanding the Menu 143 Chapter 5 Metals and Money 187 Chapter 6 Chicago Follies 243 Chapter 7 Rogues' Gallery 297 Postscript 353 Bibliography 355 Index 360