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Stock Market Crash

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CALIFORNIA | LOCAL
October 26, 1987
In response to the stock market debacle, many financial pundits have been predicting something of the sort for some time now as a necessary downward "adjustment." I would rather say that after so long in the "bull"-ring, the market has finally gotten its "bear"-ings. JACK W. CHAIKIN Palm Desert
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BUSINESS
August 21, 2012 | Michael Hiltzik
Ghosts have nothing on some of the ideas that come out of Washington when it comes to rattling chains and knocking pictures off the wall to terrify the common people. Case in point: the privatization of Social Security. One would have thought that this proposal was done in by two major stock market crashes since 2000, not to mention the generally noisome odor arising from almost everything that Wall Street has touched in recent years. Yet ever so stealthily it's creeping back into the public debate via the presidential campaign.
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BUSINESS
February 2, 1988 | Associated Press
October's stock market collapse was triggered by an "unprecedented change in investors' perceptions" and not by technical trading strategies that went awry, government regulators said Monday. The staff of the Commodities Futures Trading Commission, in a final report, said it could find no evidence to support the "persistent assertion" that program trading strategies, including speculation in stock indexes, was at fault for the stock plunge Oct. 19.
BUSINESS
August 6, 2011 | Tom Petruno, Market Beat
At times like these in financial markets, Wall Street trots out all of the usual platitudes aimed at trying to soothe investors and avert more calamity. "It's never smart to sell into a panic. " "It's a good time to hunt for bargains. " And the classic: "You've got to hold on for the long haul. " Financial advisors use these lines partly because there are kernels of truth in them. Over the very long term the stock market has gone up, of course. And indiscriminate sell-offs can produce bargains.
NEWS
April 8, 1988 | CHARLES TRUEHEART, The Washington Post
John Kenneth Galbraith has been down this road before. Almost exactly 33 years ago, the Harvard economist was called down from Cambridge to testify on Capitol Hill about the stock market. As the author of a just-published book called "The Great Crash: 1929," Galbraith in 1955 had reason to worry that the "modest boom in the market" was cause for concern. "The fundamental problem of containing a speculative orgy, once it is well launched, remains essentially unsolved," he told the senators.
NEWS
November 25, 1987 | OSWALD JOHNSTON, Times Staff Writer
An unusual surge in business investment and heavy consumer spending pushed the nation's economy to a strong annual growth rate of 4.1% during the three months before the October stock market crash, the Commerce Department reported Tuesday. The third-quarter growth estimate for the gross national product, revised from a preliminary estimate a month ago of 3.8%, was about in line with predictions.
BUSINESS
October 5, 1989 | GREG JOHNSON
For those with short or selective memories, it has been two years since the Oct. 19, 1987, stock market crash plunged the Dow Jones Industrial Average by a record 508 points. Many stocks (see accompanying chart) have bounced back, but others are floundering at or below levels reached on that dark day two years ago. Economists are still debating why the market crashed, but industry observers agree that stock prices of some publicly traded companies have yet to recover.
NEWS
October 15, 1991 | THOMAS B. ROSENSTIEL and JANE HALL, TIMES STAFF WRITERS
It may have seemed as though the strange and disturbing confirmation hearings of Clarence Thomas over the weekend were all anyone was talking about, but early returns suggest that, although the televised sessions were riveting, life went on for most Americans.
NEWS
December 6, 1987 | BILL SING, Times Staff Writer
This year will go down simply as the Year of the Crash. The 508-point nose dive in the Dow Jones industrial average on Oct. 19 and its aftermath easily will rank as the top investment story of a year marked by other major--and some not so major--changes in the investment landscape. The stunning crash ended a five-year bull market in which the Dow had more than tripled and talk had become commonplace of it reaching 3,600. In a single day, the Dow lost 22.6% of its value. Between Aug.
TRAVEL
November 28, 2010 | By James Dorsey, Special to the Los Angeles Times
There's Down Under, like the story on New Zealand on the left side of this page, and then there's down under. I chose the latter. Like that journey, my trip to the Providence Mountains State Recreation Area, about four hours east of Los Angeles, introduced me to a world I'd never experienced. And because this is California, the colorful subterranean wonderland of the area's Mitchell Caverns comes with a story that's tailor-made for the movies. But first, there was a bit of comedy.
BUSINESS
January 17, 2009 | Tom Petruno
Relatively few people changed the allocation of assets in their 401(k) retirement savings plans last year, despite the stock market crash that began in September, new data show. Retirement plan administrator Mercer, which oversees 401(k) accounts for 1.2 million Americans, said just 14% of plan participants made any kind of exchange of assets within their accounts last year.
BUSINESS
October 20, 2008 | Joe Bel Bruno, The Associated Press
With little question that the U.S. is in the grip of a recession, investors this week will lean on a stream of earnings and economic reports to help determine exactly how prolonged and painful the downturn might be. There's certainly been fresh evidence that the credit market has begun to thaw. But that alone might not be enough to restore confidence in the stock market at a time when investors are clamoring for stronger signs of a bottom. Trying to predict a floor for major U.S.
BUSINESS
October 18, 2007 | Walter Hamilton, Times Staff Writer
Ted Weisberg remembers the 1987 stock market crash like it was yesterday. He had been a floor broker at the New York Stock Exchange for 18 years but had never seen the panic or billions of dollars in losses that occurred Oct. 19, 1987 -- 20 years ago this Friday -- as the Dow Jones industrial average tumbled 508 points, or 22.6%. "You could feel, taste and touch the emotion," Weisberg said of what soon became known as Black Monday.
BUSINESS
August 21, 2007 | Tom Petruno, Times Staff Writer
Wall Street's rush to safety quickened Monday, despite the Federal Reserve's attempt late last week to soothe investors' frayed nerves. The interest yield on three-month U.S. Treasury bills plunged to the lowest level in more than two years as investors continued to pile into the super-safe securities -- a sign that financial markets remained on edge even after the Fed cut a key interest rate Friday.
BUSINESS
August 13, 2007 | From the Associated Press
frankfurt, germany -- The latest crisis in financial markets has once again served as a reminder of how vital and interconnected the health of the U.S. economy is to that of the rest of the world. From New York to Frankfurt to Tokyo, markets were jolted in the last week by fears that Americans were failing to keep up with their mortgage payments and the ripple effects that could have on the global banking and financial system. The fallout could further depress U.S.
BUSINESS
March 1, 2007 | Joel Havemann, Times Staff Writer
With his message to the markets not to panic, Federal Reserve Chairman Ben S. Bernanke in effect signaled Wednesday that the central bank would again stand ready to try to head off any major financial crisis, analysts say. Bernanke told the House Budget Committee the day after Tuesday's global stock sell-off that the economy was in good shape and that the Fed was monitoring the markets.
CALIFORNIA | LOCAL
April 20, 2005 | Myrna Oliver, Times Staff Writer
Robert Kirby, a veteran investment manager who served on President Reagan's five-man Brady Commission investigating the causes behind the October 1987 stock market crash, has died. He was 80. Kirby died April 13 en route to the hospital after he was stricken while working in his downtown Los Angeles office. No cause of death was given. He had spent 40 years as a top executive of The Capital Group Cos. Inc. and helped found and head its Capital Guardian Trust Co.
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