
Crash of 1987 compared to today - soundsop
http://blogs.law.harvard.edu/philg/2008/09/14/crash-of-1987-compared-to-today/
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bootload
_"... On Black Monday, October 19, 1987, the Dow Jones Industrial Average fell
22.6%. What were the consequences of this collapse? By today’s standards,
there weren’t any. The stock market fell. The same investment banks and funds
that had been operating on Wall Street continued to operate. ..."_

Junk bonds disappeared, Micheal Milken
<http://en.wikipedia.org/wiki/Michael_Milken> got jailed, a lot of people lost
money as entrepreneur king-pins went belly up. You could feel the recession in
the late 80's, early 90's. Everything just shut down as discretionary spending
stopped. The real difference b/w the 80's crash and is that while a lot of
money for houses has been handed out with little due diligence, there is still
an tangible asset that can be sold. I'm not so sure this was the case in the
80's crash. For Phil to say there wasn't any real effects indicates he was
working in cashed up tech world ~
<http://philip.greenspun.com/narcissism/resume>

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tptacek
Ok, he kind of didn't really offer a comparison, did he? I infer that he's
considering Black Monday a "worst case", and saying that the economy continued
to function despite it. But it's not the worst case at all, is it? Are we too
fixated on "black days", and not enough on "black years"?

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kajecounterhack
Another fyi -- Unemployment in 1987 wavered between 5.9% and 6.6%. Today we're
at 6%.

We're going through some very similar cycles and stuff.

