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The Day the Market Went South |
| Section: CURRENT ISSUES / ANALYSIS |
| Author: John H. Fund |
| Publication: The world & I online |
| Issue Date: 12/1/1987 |
| Size: 2,388 Words, 14,241 Characters |
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The morbid jokes began almost immediately. "What do you call a yuppie investment banker?" "Waiter." But for millions of investors, the stock market collapse of 1987 - the word crash, with its connotations of economic depression, was too harsh for many - was anything but a laughing matter.
The market's collapse spawned a boom in financial advice, many of it 180 degrees from the bull market optimism of a few weeks before. Booksellers are cashing in on sales of the book The Great Depression of 1990, by economist Ravi Batra. Financial newspapers are disappearing from newsstand racks, and some brokers, whose phones won't stop ringing, are even asking people on the street for their opinions.
As people recovered from the shock of the market's swift drop, the inevitable search for t...
. . .
...d former bankers selling apples on street corners, the stock market has in the past been a good indicator of future economic activity. Therefore, policy makers should see the market downturn as a warning that they should avoid destructive monetary, trade, and tax policies. Investors have enough to worry about now without being spooked by the actions of a politically motivated federal government.
(812 of 14,241 characters)
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