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Started By
Message
On this date in 1989 the Dow Jones fully recovered from the -22% “crash” which occurred in
Posted on 1/29/26 at 5:34 pm
Posted on 1/29/26 at 5:34 pm
…October, 1987.
Alan Greenspan, Fed Chairman, had a speech to deliver in Dallas, Texas that day and he was in flight during the last couple of hours the market was open. No cell phones at that time.
When he departed Washington, DC, the DJ30 was down an astounding 200+ points, about -9%.
When he landed at DFW he was met by the Dallas Fed President.
Greenspan immediately ask the Dallas Fed guy, “How did the market close today?”
The local Fed President replied, “Down 522.”
Greenspan breathed a sigh of relief and said, “Down only 5.22 points? That’s not so bad.”
The Dallas guy replied, “No, sir. Five HUNDRED and twenty-two points!”
Greenspan immediately cancelled his speech and got a flight back to DC.
If today the DJ dropped 22% it would mean a drop of over 9,000 points.
Alan Greenspan, Fed Chairman, had a speech to deliver in Dallas, Texas that day and he was in flight during the last couple of hours the market was open. No cell phones at that time.
When he departed Washington, DC, the DJ30 was down an astounding 200+ points, about -9%.
When he landed at DFW he was met by the Dallas Fed President.
Greenspan immediately ask the Dallas Fed guy, “How did the market close today?”
The local Fed President replied, “Down 522.”
Greenspan breathed a sigh of relief and said, “Down only 5.22 points? That’s not so bad.”
The Dallas guy replied, “No, sir. Five HUNDRED and twenty-two points!”
Greenspan immediately cancelled his speech and got a flight back to DC.
If today the DJ dropped 22% it would mean a drop of over 9,000 points.
2
Posted on 1/29/26 at 5:47 pm to LSURussian
quote:
If today the DJ dropped 22% it would mean a drop of over 9,000 points.
Wouldn't be possible now with the circuit breakers.
Plus retail is a lot bigger and jumps in whenever stocks are on sale.
Posted on 1/29/26 at 6:11 pm to Bestbank Tiger
2 excellent points
Posted on 1/29/26 at 6:20 pm to Bestbank Tiger
I didn’t say a 22% down day could happen again.
I simply put into perspective what a 22% pull back in a single trading day would equate to today.
I simply put into perspective what a 22% pull back in a single trading day would equate to today.
Posted on 1/29/26 at 6:50 pm to LSURussian
I remember that day, the freakout was real. The media ran with stories of investors committing suicide.
401Ks started becoming a thing in 1980s as well, so more people felt it.
401Ks started becoming a thing in 1980s as well, so more people felt it.
Posted on 1/29/26 at 7:20 pm to LSURussian
quote:
I didn’t say a 22% down day could happen again.
I kneaux. Just noting that it couldn't even happen now.
Posted on 1/29/26 at 9:03 pm to LSURussian
quote:
I simply put into perspective what a 22% pull back in a single trading day would equate to today.
22% is 22% baw. No need to equate it, everyone would feel it the same way
Posted on 1/30/26 at 8:03 am to Upperdecker
quote:
22% is 22% baw. No need to equate it, everyone would feel it the same way
Not really. Some people would see effects far greater than 22%, because some sectors would be hit much worse than others. How many times have you owned a stock that was down 10% and saw that the market was only down less than 1%?
The folks who are heavy into option trading would be the ones committing suicide. The folks who are retired and having to dip into their equity to pay the bills would be struggling and may never get back to where they were.
Those of us invested long term and still adding to our portfolio can just wait it out, as it always comes back. It would be nerve-wracking, but temporary. For others, it could be life-changing.
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