So say two guys who have seen it all – “Joseph Granville and Robert Stovall, octogenarians who’ve seen every financial market downturn since the 1950s, say the current one may be the worst and is far from over.”
Granville, born in 1923, remembers his banker father’s bad moods following the stock-market crash of 1929. The younger Granville began his career at defunct brokerage E.F. Hutton in 1957, quit in 1963 to begin publishing a weekly newsletter and wrote nine books on investing.“We’re in a crash,” Granville, 84, said in a telephone interview from Kansas City, Missouri, where he lives and works. “This is the worst I’ve seen, and I’ve studied every bit of history all my life.”
Interesting read over at Bloomberg…if you have the stomach for these sort of things. Also, some other pieces about the state of the State:
- Today’s economic condition could likely be seen as “the most wrenching since the end of the second world war,” wrote former Federal Reserve chairman Alan Greenspan in the Financial Times on Monday.
- Wall Street fears for next Great Depression.
- Global markets plunged Monday on news that JPMorgan Chase, backed by the U.S. government, had to rescue troubled Bear Stearns and investors struggled to gauge how much worse financial markets could get.