Capitalism's Greatest Hits

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By Stephen Pizzo (about the author) Page 2 of 2 page(s)

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October 24, 1929 - "Black Thursday:' stock prices plummeted, a record 12,894,650 shares traded on the New York Stock Exchange Followed by "Black Tuesday" the markets tanked. Thousands of investors were wiped out as America's Great Depression began; 1932 - stocks were worth only about 20 percent of their value in the summer of 1929; 1933, nearly half of America's banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce.

1985-89 - The Savings and Loan collapse... $167 billion in federal bailouts required.

October 19, 1987 - The stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value - its biggest-ever percentage drop; inflation and rising interest rates, the announcement of a surprisingly steep trade deficit and news of an American attack against Iran were both blamed for Wall Street's woes.

1998 – The Long-Term Capital Management failure. The Fed had to intervene to avoid sparking a worldwide panic over the condition of giant hedge fund companies like LTCM.

2000 – The Dot.com bubble crash

2007 – The housing bubble crash

2008 – The “Toxic Assets, Market Crash
Anyway, that's what the history books say. I don't cook it, I just serve it.

One final thing. If you want a taste of just how bizarre the RNC's demand the DNC change it's name really is, just watch this short video.

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Stephen Pizzo has been published everywhere from The New York Times to Mother Jones magazine. His book, Inside Job: The Looting of America's Savings and Loans, was nominated for a (more...)

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