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The 3 Big Stock Market Crashes…October 28, 1929; October 19, 1987 And October .., 2013….Can You Guess The Day?

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Some of the headlines from the previous 2 crashes:

On Oct. 19, 1987, a day that became known as “Black Monday,” the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value, its largest single-day percentage drop. The crash came after a two-week period in which the Dow dropped 15 percent.

According to the Oct. 20 New York Times, “Business leaders were shaken by the collapse, which wiped out huge amounts of the market value of their companies. And they seemed to have been caught by surprise. But many leaders were confident the panic would pass.”

http://learning.blogs.nytimes.com/2011/10/19/oct-19-1987-stock-market-crashes-on-black-monday/?_r=1

Public Liquidation Spurred by Bears, Hits Low Market
Scare Orders From All Over Country Halt Ticker an Hour in Feverish Day

By Laurence Stern

With speculative nerves rubbed raw under the persistent hammering of bearish traders, a renewed wave of public liquidation swept over the stock market yesterday, depressing prices severely and hopelessly clogging the quotation ticker…

— The World, October 20, 1929

http://www.pbs.org/wgbh/americanexperience/features/primary-resources/crash-headlines/

Headline from 1929:

“Over the weekend, the events were covered by the newspapers across the United States. On October 28, “Black Monday”,more investors decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 13%.

The next day, “Black Tuesday”, October 29, 1929, about sixteen million shares were traded, and the Dow lost an additional 30 points, or 12%”

News are covering possible default in full swing. No one knows the outcome. October is that time of the year…

More interesting history. An old article from the Times comparing the 1987 crash to the 1929 crash. How will the third crash compare?

STOCKS PLUNGE 508 POINTS, A DROP OF 22.6%; 604 MILLION VOLUME NEARLY DOUBLES RECORD; Does 1987 Equal 1929?
By ERIC GELMAN
Published: October 20, 1987

As stock prices soared this year, a chorus of pessimists warned that 1987 was looking more like 1929, when a stock market crash helped to usher in the Great Depression. Yesterday, after a plunge reminiscent of the worst days of 1929, one pressing question was whether the aftershocks would be as devastating to individuals and the nation.

The quick answer, many economists say, is no. The huge losses on Wall Street constitute a substantial blow to the economy at large. But there are many safeguards in place today -some instituted directly in response to the Depression – that would tend to prevent the cascading financial collapse that characterized the crash, impoverishing millions of Americans.

”A stock market crash doesn’t ripple out into the economy with the same force” as it did in 1929, said Geoffrey H. Moore, director of the Center for International Business Cycle Research at Columbia University.

To be sure, there are some unsettling similarities between the current era and the pre-Depression years. Like the Roaring Twenties, the 1980′s have seen an astonishing boom Wall Street. Now as then, individual and corporate debt are high, and some sectors of the economy are extremely weak. Trade relations are strained, with protectionist sentiment growing.

But today’s economy is better equipped to handle financial shocks. ”I don’t see this decline in the stock market leading to a great breakdown in the economy,” said Robert A. Kavesh, a professor of finance and economics at the New York University School of Business. ”There are still many elements of strength in the economy -profits are strong, for example.”

Among the important differences between today and 1929 are Federal deposit insurance, unemployment insurance and Social Security insurance and other elements of what has come to be known as the safety net. These not only guarantee against widespread destitution; their very existence should also help to prevent the kind of financial panic that fed on itself in the Depression.

”In 1929, you didn’t have insurance of bank deposits, you didn’t have the Securities and Exchange Commission, you had much less knowledge of how the economy worked,” Professor Kavesh said.

Today the Government is much more willing to intervene to keep the economy growing. ”All governments, liberal and conservative, have assumed that responsibility, which wasn’t the case in 1929,” said John Kenneth Galbraith, a retired professor of economics at Harvard University and author of ”The Great Crash.” Huge Federal budget deficits make it difficult for Washington to increase Government spending, however, which has been one response to economic slowdowns. First Line of Defense

http://www.nytimes.com/1987/10/20/business/stocks-plunge-508-points-drop-22.6-604-million-volume-nearly-doubles-record-does.html

As before the other two crashes, the news were filled with tension it seems.

Here is a snip from what is just happening now. Uncertainty and tension seem rampant:

Read more at http://investmentwatchblog.com



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    • Hamilton

      I am calling B.S……The stock market goes in one direction…STRAIGHT UP….

      What a bunch of morons…I have heard how bad things are for 10 years now and that the market will crash….

      Well, guess what your are wrong it will never crash….safe guards are put in place to prevent a crash…so don’t even think about…go long stay long and you won’t be wrong..

      Hamilton

    • katwilo2

      You forgot about the crash of October 2008. It seems the commonality is the month of October..http://www.money-zine.com/investing/stocks/stock-market-crash-of-2008/

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