Word: crash
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Dates: during 2000-2009
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...Historical Parallels We tend to think of the Depression as having been triggered by the stock-market crash of 1929. The Wall Street crash is conventionally said to have begun on "Black Thursday" - Oct. 24, 1929, when the Dow Jones industrial average declined 2% - though in fact the market had been slipping since early September. On "Black Monday" (Oct. 28), it plunged 13%, the next day a further 12%. Over the next three years, the U.S. stock market declined a staggering 89%, reaching its nadir in July 1932. The index did not regain its 1929 peak until...
...underlying cause of the Great Depression - as Milton Friedman and Anna Jacobson Schwartz argued in their seminal book A Monetary History of the United States: 1867-1960, published in 1963 - was not the stock-market crash but a "great contraction" of credit due to an epidemic of bank failures...
...credit crunch had surfaced several months before the stock-market crash, when commercial banks with combined deposits of more than $80 million suspended payments. It reached critical mass in late 1930, when 608 banks failed - among them the Bank of the United States, which accounted for about a third of the total deposits lost. (The failure of merger talks that might have saved the bank was another critical moment in the history of the Depression...
...Paulson and Bernanke have been specific only behind closed doors. On Sept. 18, they warned congressional leaders what inaction would bring: a stock-market crash, sky-high unemployment, Americans unable to get car loans, banks failing so fast that they would quickly drain the federal deposit insurance fund and people's life savings...
...said she soft-pedaled any concerns about his college fund to stop the panic. Biehl, whose parents filed for bankruptcy when she herself was in college, wrote: "I briefly explained that it's all cyclical." Still, on the Monday of the vote and subsequent market crash, Biehl took a look at her 401(k) and discovered she had lost $6,300. "But then I thought, I have still doubled my money since I first started investing and - as I wrote in my blog - this too shall pass," she says. While Biehl realizes the need to do something, she wants Washington...