Abstract

Editorials
Corn, David | November 17, 1997 issue

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The article discusses the stock exchange crash at Dow Jones Industrial Average on 28 October 1997. As compared to 1929 crisis, when stocks lost nearly 25 percent in back-to-back crashes, this time the market recovered nearly two-thirds of its losses the next day. It was hard to work up much nervousness in a world of government bailouts and indulgent central banks, crashes never turn into panics or depressions. Instead of a rout running its course, regulators say soothing things and corporations announce big plans to buy their own stock to support its price. It's no wonder investors expect surreal, sustained returns. When the market falls, what else is there to do but buy with both hands?

See Also:

FINANCIAL crises; DOW Jones industrial average; DEPRESSIONS -- 1929; STOCK exchanges; BAILOUTS; BANKS & banking, Central; CAPITALISTS & financiers
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