Are We Headed For Another Black Monday?
Posted: Thursday, October 09, 2008
by Sandra E. Graham
My Books and Articles
When an economic earthquake trembles in the United States, the seismograph jumps all around the world. As we Americans watch, today alone the DOW closed with a drop of 678 points. It seems to be in a free-fall reminiscent of the Black Monday crash of 1929 and again in 1987 (when the name was given to Monday, October 19, 1987). Stock markets around the world crashed, starting in Hong Kong and working its way west. The DOW dropped on that day in 1987 by 508 points, down 39% from one year earlier.
Historians aren't convinced that the crash of 1929 that led to widespread panic actually brought about the subsequent Great Depression. Some feel that it was purely coincidental that the crash in America came near the beginning of the depression. The high living and time of plenty of the early twenties may have caused Americans to become complacent about the economy and over-zealous in their stock market investments. We may be seeing the same issues today-too easy credit, too much investment in high-risk funds; too much this and too much that.
History also shows us that stock market drops-even big ones as we are seeing today-do not necessarily mean long-term damage to the economy. We have always managed to pull ourselves out and come back strongly and hopefully this time will be no different. Although, the signs are there that history may repeat itself, as people lose their jobs and their homes, and the stress takes hold.
Stress seems to be the most prevalent danger that results from loss of income or life savings and the mounting pressures that go along with it. Many family tragedies have and will begin to dominate the news in times such as we are experiencing now. People need to be more aware of family and friends that may be going through an extra stressful situation right now and watch closely for signs of depression, hopelessness, or uncharacteristic anger. The loss of a job, the loss of a home, a failed stock investment-economic pain can cause people pain.
Sometimes it seems as though God has a way of showing us that we have forgotten how to be humble. We become too full of ourselves and He has to remind us of our fallibility. It is easier for us to sit back and blame all our problems on the politicians and our government, but ultimately we must give credit where credit is due and take responsibility for our own errors in judgement-admit to our own mistakes. Today is when we need to be our strongest and repair any damages before they become irreparable.
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Sandra E. Graham, author, AMOS JAKEY and NICOLINA published by American Book Publishing. I also write book reviews for authors through Book Pleasures. Visit my website for more information on my books that are in print now and reviews I have written.
http://www.sandragraham-articles-books.com
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More commentsAnother great article, Sandy. I'm so glad I'm too old to have to worry about any stocks; but I do worry about what this will do to the rest of the county. We are all in it together, whether we win or lose.Sue G.Thanks Sue for reading and commenting. Good luck going home.Sandra
Hi Sandra. Very sobering and yet hopeful article. I love that you include we need to take responsibility for our choices. True, creditors made "the having" inticing. But what did our Lord say over 2000 years ago? Owe nobody anything, be content with food and clothing. Don't trust in riches. Don't be swayed by the ways of the world. Think it was a warning? It all boils down to wanting more than we can afford and the greed of the ones providing it. Both sides are responsible. Not just the government. I think we all need to get back to basics - many of us have no choice, humble ourselves before Almighty God and quit asking God to bless America and start asking Him to forgive America.Excellent job! love ya, TeresaAmen, Teresa. Get back to the basics--that may be the key.Thanks for reading and commenting.God Bless.Sandra
Sandra-Great article. Thanks for putting these difficult times into perspective. I know we're all worrying about ourselves, but there's always someone who's struggling more than we are. Thanks for the reminder.Thank you so much, Lynn, for reading and commenting.And welcome to searchwarp.Sandra
I enjoy the history. What is it about October. Is there a trend. I agree it is not the end of the world. Even if we lose eveeything we always have ourselves and our family and friends. We can always rebuild.That is so true, Steve. If more people would think like that, there would be fewer murder/suicides in the country. It is all only material posessions and we can't take it with us.Thanks for reading and commenting.Sandra
Good article. I love reading all your articles.BrittanyThanks, Brittany, for reading and commenting. Glad you enjoy my articles.Sandra
Maybe if we can make it through OCTOBER without a true crash, we won't suffer so badly as previous crashes.Great article, gives us something to think about.anonomousIt seems to be a case of 'history repeating itself' more than once, right?Thanks for reading and commenting. Come back anytime.Sandra
I don;t know why this popped up again but you already have my comments. regards,I have that happen on a lot of articles that I read before going to the 'readers club'. Thanks again, anyway.Sandra
Yes, Sandra, October seems to be "the month" doesn't it? My sentiments agree with Robert's and all I can say is "God help us" -- Thanks for this great read!Think it might have something to do with "Halloween"?????Sandra
Thanks, Sandra, for reminding us, as well as reassuring us. We must look beyond politicians for our ultimate help. ~mogama~And thank you, Mogama. I do that every day.Sandra
Another great article, Sandra Graham. I enjoyed this, although it paints a picture of gloom. It also gives us hope.Barb. J.Thanks, Barb. Glad you enjoyed it.Sandra
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