January 12, 1988 |
In October, 1929, following the Great Crash, President Herbert Hoover told the nation that the economy was fundamentally sound. Stocks, after a brief slump, rallied over the next few months and made up nearly half of their losses from the crash. In October, 1987, following the latest Great Crash, President Reagan too told the nation that the economy was fundamentally sound.
July 9, 1989 |
Soup kitchens. Labor camps. The Dust Bowl. It may seem strange to refer to the American '30s as a golden age of anything. But for a generation of young theater people, it was. Just for a moment--around 1935 or '36--they could almost feel the will of the country speaking through them. "Strike!" it was saying. And: "Life shouldn't be printed on dollar bills." The moment passed and the artists moved on--some of them to important careers, as the saying goes, on Broadway and in Hollywood.
March 8, 2009 |
Stocks have crashed, industry is shuddering and banks are failing. The restless unemployed will soon fill the streets. Yet in San Francisco, some crazed optimist in the Pacific Stock Exchange Tower has hired Diego Rivera to decorate a private club for stockbrokers. Could this be the most doomed, stupid idea of all 1930? Here is Rivera, an intermittent communist who'd met with Stalin in Russia only two years before, perched on the scaffolding above the financial titans of Sansome Street.
December 20, 1991 |
Ever since the 1930s Depression ended, some people have been predicting the next one. They've been wrong all this time, of course--and 50 years is a long time to be wrong. But this week, the feeling that something is desperately troubled in the world economy came home in spades for many people: * In the United States, Federal Reserve Chairman Alan Greenspan lamented, "There is a deep-seated concern out there, which I admit I have not seen in my lifetime." He's 65.
August 24, 1992 |
One in 10 Californians is unemployed. Consumer confidence is sour. Real estate is slumping. You call that hard times? Virginia Sotolongo and Betty McInerney will tell you about hard times. "I remember the Depression, and this is no Depression," Sotolongo says stoutly, as her sister bobs in assent. "Boy, it was bad back then." The Glassell Park sisters are 75 and 69, respectively, native daughters of California with burnished red hair and nails to match.
December 3, 1991
Lights out, radios silenced, two carriers and their escorts slipped through the night, hiding in squalls and dark clouds. Before dawn, they struck. Fighters snarled across the decks, then scout/attack aircraft, then dive bombers, then torpedo planes. Flashing blue flames, they banked to the southwest toward Oahu. It was a Sunday, and all of Hawaii slept. Below lay Pearl Harbor. The fighters dove first.