Ghost Of Panics Past

(London - October 20, 1987) Sometimes the similarities can get eerie. I remember thinking, during the recent Wall Street crisis, how certain element
By Gordonskene — January 25, 2009

Wall Street Fallout_e42f0.jpg (London - October 20, 1987)

Sometimes the similarities can get eerie. I remember thinking, during the recent Wall Street crisis, how certain elements seemed so familiar, how fears seemed so complete.

I went back to an earlier crisis, the one which hit Wall Street the morning of October 20, 1987. The dismay, the shock, and even the denial that something was just fundamentally wrong with our economy.

Listening this past September to John McCain, proclaiming with dead-certainty that the economy was sound, and remembering how, almost the exact words, then-President Reagan saying yes, the economy was fundamentally sound, that all indicators pointed to no crisis.

The words and events from that day are assembled in a montage. Have a listen and remember, it's not 2008.

(Outside the New York Stock Exchange - October 20, 1987)

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