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The Market’s Fall- “This Is The Worst I’ve Seen.”
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.
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4 Comments so far
Sometimes that scares me…but then I remember that all my grandparents lived through the Depression. My great-grandmother even made it as a widowed mom with 3 kids. So it’s possible.
All the more reason to invest more while the market is down! Don’t worry, it WILL recover!
Yea, mine did too Mrs Micah, and the stories scare me -eating only bread, working 2 menial jobs to pay the rent. My grandfather had to drop out of school to help his parents make ends meet. - but it is possible.
This whole thing has me a little concerned.
Interesting doom and gloom stuff. In the article it notes that Stovall uses the Super Bowl indicator as part of his analysis. I wrote a post analyzing the Super Bowl indicator a couple of months ago. It’s interesting stuff, but do you really want your analyst watching a football game to determine what to do with your money?