economic crisis history

economic crisis history

Crisis Buster Tip #1: What Did Mark Twain Say about the Current Economic Crisis?

“It is not worthwhile to try to keep history from repeating itself, for man’s character will always make the preventing of the repetitions impossible.” ~Mark Twain

If you know your history, you have no reason for worry! The current economic crisis is “just” a repetition of the past.

Don’t you remember “Black Monday?” It refers to Monday, October 19, 1987, when stock markets around the world crashed. The Black Monday decline was the largest one-day percentage decline in stock market history. But all world stock markets rallied in less than 1.5 years.

Then, nobody has forgotten the 1991-1992 world crisis, right after the Gulf war: huge peaks in oil prices, a steep decline in the commercial real estate market and a credit crisis (featuring the infamous savings and loan collapses of the late 1980s).

This crisis ended in 1994 and world stock markets hit top values in less than 2 years.

Do you recall 2001-2002? The attacks had a significant economic impact on the United States and world markets. The New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), and NASDAQ did not open on September 11 and remained closed until September 17. When the stock markets reopened, the Dow Jones Industrial Average (DJIA) stock market index fell 684 points, or 7.1%, to 8921, a record-setting one-day point decline.

By the end of the week, the DJIA had fallen 1,369.7 points (14.3%), its largest one-week point drop in history. But recovery came faster than expected, world stock markets hitting again unparalleled top levels within less than 2 years and continued to climb until 6-7 months ago.

So what is the morale of the story?

Crises always bring recoveries and these come faster than many dare hope. I have personally lived and survived through 6 crises in 50 years. I have grown stronger and smarter out of each of them. And so have you, I am sure!

So just remember that economic trends operate on a cycle basis. When it goes up it will go down. When it goes down it will come up. And we have not seen the last one yet… so let us get used to it. We just need to work hard at expanding, no matter what!!!

If you are interested to develop a strong understanding about the recent economic clashes, I strongly advise you to visit Chris Martenson’s web site and follow his crash course on economy. I have found this course simple and down-to-earth.

Most importantly, it gives you a very good picture of the few years to come.

About the Author

Patrick Valtin has been in the training/coaching business for over 22 years and has personally trained over 75,000 people in 27 countries on the subjects of sales, sales management, recruitment, marketing strategies and leadership. Patrick wrote the e-book “CRISIS BUSTER” as a response to his observation of many business owners’ reaction to economic crises. Success should NOT depend on economic conditions! Visit www.crisisbuster.com

Do you think Macain involvement in the Keating scandal is now relevant to the economic crisis we ?

I mean on his role in the late 80s/early 90s. Keating scandal is eerily similar to today’s credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain’s judgment and values have placed him on the wrong side of history.”

Of course it is. That is just another reason why not to vote Republican Mccain has poor judgment. Can’t you tell he selected an unknown as his Vice President Sarah Palin. Neither one stands a chance of winning this election. Obama/Biden in 08.

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