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Rating: 
Summary: The human face of finance
Review: Can a book about finance written in 1873 be helpful in a world with complex financial markets and plenty of information about how they work? The answer is yes. It is not that "Lombard Street" is a classic that one finds quoted many a time; the reader's interest should transcend historical inquiry or curiosity; "Lombard Street" should be read and revered by anyone interested in the underlying, abiding features of financial markets. But what are those characteristics? Bagehot, then editor of The Economist, writes that credit centers on trust: "Credit means that a certain confidence is given, a certain trust reposed." And, banks always have on-demand liabilities that far exceed their readily available assets. In short, credit works on trust, and the system, in the absence of trust, can fall apart rapidly. What follows from these premises is a careful examination of how the money market came about, what its uses are, how its operations are connected to trade and country's overall welfare, and, most importantly, how central banks can deal with financial crises. Written elegantly, "Lombard Street" is, at the same time, an introductory overview of the market and a trenchant analysis of its most salient features. But what makes "Lombard Street" timeless is that it deals with finance in its human form. Bagehot talks about power, prestige and perception as much as he does about interest, discount, and credit. Trust is based on institutions and people: the human features of finance-trust, anxiety, mania, optimism-are timeless and apply to the financial markets of the nineteenth, twentieth, or twenty-first century. That is why "Lombard Street" is an ever useful introduction and guide.
Rating:
Summary: A classic must-read
Review: Walter Bagehot was the first editor of the now world-famous Economist magazine, which has in many ways remained faithful to the liberal philosophy (in a European sense)of its founder. Lombard Street might be difficult to read at first, but as with Charles Dickens once you get used to the style the tale is riveting. And his advice on how a central bank, as the lender of last resort, should behave in the face of a banking crisis remains valid to this day.
Rating:
Summary: A classic must-read
Review: Walter Bagehot was the first editor of the now world-famous Economist magazine, which has in many ways remained faithful to the liberal philosophy (in a European sense)of its founder. Lombard Street might be difficult to read at first, but as with Charles Dickens once you get used to the style the tale is riveting. And his advice on how a central bank, as the lender of last resort, should behave in the face of a banking crisis remains valid to this day.
Rating: 
Summary: Very Thorough, yet Tough to Read
Review: Wiley Investment Classics generally fall into two categories, tough and dreary reads full of information, and lively entertaining accounts which also educate. Unfortunately, Mr. Bagehot and Mr. Bernstein's text is the former. The book does an outstanding job of promoting the importance of a strong central banking system and the importance of strict credit control when combating financial crises. However, it does so amidst extremely repetitive and somewhat painful language. The authors provide outstanding quantitative and anecdotal evidence supporting their case, but they do so in such a way that makes the book a true labor to read. This book would be very beneficial to anyone doing research on, or working for some kind of central banking organization. Otherwise, I would suggest looking to any of the other Wiley Investment Classics for a more interesting and educational read about finance.
Rating:
Summary: Very Thorough, yet Tough to Read
Review: Wiley Investment Classics generally fall into two categories, tough and dreary reads full of information, and lively entertaining accounts which also educate. Unfortunately, Mr. Bagehot and Mr. Bernstein's text is the former. The book does an outstanding job of promoting the importance of a strong central banking system and the importance of strict credit control when combating financial crises. However, it does so amidst extremely repetitive and somewhat painful language. The authors provide outstanding quantitative and anecdotal evidence supporting their case, but they do so in such a way that makes the book a true labor to read. This book would be very beneficial to anyone doing research on, or working for some kind of central banking organization. Otherwise, I would suggest looking to any of the other Wiley Investment Classics for a more interesting and educational read about finance.
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