An ice sculpture known as “Primary Avenue Meltdown,” in New York, Wednesday, Oct. 29, 2008, on the 79th anniversary of “Black Tuesday,” the inventory market crash that precipitated the 1929 Nice Melancholy. In the present day’s financial system seems to be depressingly just like 1929. Kathy Willens, Related Press
I used to be intrigued by Jay Evensen’s opinion piece “Did you see what they mentioned after the inventory market crash in 1929?” drawing comparability between the October 1929 inventory market crash — and the bumpy trip within the aftermath. “American trade is essentially sound and undisturbed by the current monetary upheaval,” the Division of Labor then mentioned. “The inventory market break has not precipitated discount in employment … (and) it'd carry extra money into industrial growth.”
That was removed from the reality, cratering in 1932 and taking till November 1954 — some 25 years — to once more attain pre-crash highs. That stark warning ought to trigger at present’s buyers to look within the mirror. Historical past tends to repeat itself.
James A. Marples
Provo