A dubious anniversary. 10 years ago today, on September 29th, 2008, the Dow Jones Industrial Average had its largest single day point loss ever with the bankruptcies of Lehman Bros and Washington Mutual. Although there were signs that an economic crisis was brewing, this particular event made it official. An economic crisis of epic proportions had arrived and would affect financial markets the world over. Emergency measures including bailouts for companies were put in place by the U.S. government and shock waves rippled through foreign trade markets.
So hey, let’s deregulate everything again, remove restrictions on industry, start selling faulty mortgages, handout massive bonuses on Wall Street and essentially revert us to the conditions that set up 2008 in the first place.
Enjoy that booming stock market while it lasts.
It will all go up in smoke eventually. It always does.