I was in HS when this happened and my teacher held up a paper with the headline about the market crashing and said “Anyone remember when we read ‘The Grapes of Wrath’?”
Graduated from college the year after this, right into the middle of the George HW Bush Memorial Recession, seams like we’ve never really recovered entirely from that event.
Rational people know that the stock market does not cause recession/depression. As Dr. Sowell reminded us with today’s column, the unemployment rate six months after the 10/1929 stock market crash was still 6.3%. It was only after rounds of tax increases, market regulation, trade restriction, and welfare increases that the depression got started. Sorta like now.
The road back, out of the ditch, is to reverse those four poisonous government steps.
Recall that after the 1987 crash, that devil Reagan did nothing and the economy soared, until the democrats raised taxes during the Read My Lips administration. And it did not really roar again until after NAFTA and the Bill Clinton tax reduction of 1997.
hariseldon59 over 10 years ago
October 19, 1987
Caldonia over 10 years ago
4:20 am. Honesty? No.
4:20 pm. Pot? Yes please.
Sisyphos over 10 years ago
Your dad needs a cold shower, a stiff drink, and more stuffed animals, Binkley! Get to it!
neatslob Premium Member over 10 years ago
Could happen again in a few days in Congress doesn’t get it together. There goes my 401(k).
Strod over 10 years ago
Actually the strip is from November 19, 1987, a month after the fact. So it is no coincidence.
Opus Croakus over 10 years ago
I was in HS when this happened and my teacher held up a paper with the headline about the market crashing and said “Anyone remember when we read ‘The Grapes of Wrath’?”
3pibgorn9 over 10 years ago
Wall Street don’t need no stinkin’ Guvmint regulatin’! Right?
katina.cooper over 10 years ago
Wait till Friday. It’ll be deja vu all over again.
klunker rider over 10 years ago
Graduated from college the year after this, right into the middle of the George HW Bush Memorial Recession, seams like we’ve never really recovered entirely from that event.
tigerchik32 over 10 years ago
“History doesn’t repeat itself, but it rhymes.”- Mark Twain
jbmlaw01 over 10 years ago
Rational people know that the stock market does not cause recession/depression. As Dr. Sowell reminded us with today’s column, the unemployment rate six months after the 10/1929 stock market crash was still 6.3%. It was only after rounds of tax increases, market regulation, trade restriction, and welfare increases that the depression got started. Sorta like now.
The road back, out of the ditch, is to reverse those four poisonous government steps.
jbmlaw01 over 10 years ago
Recall that after the 1987 crash, that devil Reagan did nothing and the economy soared, until the democrats raised taxes during the Read My Lips administration. And it did not really roar again until after NAFTA and the Bill Clinton tax reduction of 1997.