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While the percentage was high (22.6%) that day in 1987, the sum total dollar value was less significant in comparison to two other events.
Consider that the 1929 stock market crash was the result of TWO consecutive bad closes spread across two days, totaling 24.5% (12.8% on the 28th, 11.7% on the 29th). But the total dollar value was far more significant back then. The 1987 economy didn't crash like it did in '29 because the dollar value wasn't as significant as a prportion of the U.S. economy.
The DOW has lost roughly 800 points over the past two weeks... around 6%... yet the Federal Reserve had to buy $38 Billion in defaulted mortgages to stabilize the market a day after European banks poured $2 Billion into their own market because the U.S. economy is so piss poor, it can't absorb too many shocks like that.
The dollar value of what has happened this past couple of weeks (DOW & Fed together) would of made the 1929 Stock Market crash look like a hiccup. Even though this recent series of plunges was only 6%, systems in place to "juice" the system prevents the economy from going haywire. A few bad days in the market won't plunge us into another recession, but the Bush economy isn't strong enough to withstand too many more hits like we've had this past month.
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