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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...
...book, Titanic's Last Secrets, Brad Matsen tells the story of wreck divers John Chatterton and Richie Kohler and their search for the truth about the Titanic's sinking in 1912. More than just a tragic iceberg crash, the story the divers uncovered is one of bad management, shoddy construction and an ocean liner that sank so quickly that most passengers didn't know what was happening until it was too late. Chatterton and Kohler talk to TIME about deep sea diving, investigating shipwrecks, and the allure of the Titanic...
...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...
...also (except in, say, Detroit and Cleveland) not the result of external economic factors like Texas in the 1980s or Southern California in the 1990s. It's a crash caused by the twisted dynamics of real estate finance in recent years...