The establishment promised that nothing could go wrong.
"The truth is that Fed governors, together with their crack staff of Ph.D economists and market analysts, are as close to an economic dream team as we are ever likely to see."
- Gregory Mankiw, Harvard economist and textbook author,
New York Times, December 23, 2007
"So Congress tried to make sure it would never happen again by creating a system of regulations and guarantees that provided a safety net for the financial system."
- Paul Krugman, explaining interventionist measures installed
after the 1929 debacle.
New York Times, March 21, 2008
But it did!
Scott Stantis, Alabama, The Birmingham News
CRASHES PERCENTAGE CHANGES
(DJIA CLOSE)
| High | Initial Low | Rebound | Final Low | Full Decline | |
| 2007 | 14165 | 8176 Oct. 27 | 9625 Nov. 4 | 7552 Nov. 20 | |
| -42% | +17.7% | -21.5% | -47% | ||
| 1929 | 381 | 230 Oct. 29 | 258 Nov. 4 | 199 Nov. 13 | |
| -40% | +12% | -23% | -48% |
| 1873 | 1929 | 2008 | |
| Start of Crash | Early Sept. | Sept. 3 | Aug. 28 |
| • First Selling Concern | Ended Sept. 19 | Ended Sept. 21 | No Pause |
| • Heaviest Liquidation | Last Part of Oct. | Oct. 29 | Oct. 27 |
| • Low Volume Final Panic | Nov. 8 | Nov. 13 | Nov. 20 |
| • Rebound Top | May 1874 | April 17/30 | ? ? |
| • Bear Market Low | Mid 1877 | Mid 1932 | ? ? |
