沸腾的岁月

原文摘录   · · · · · · 

• From the September 1929 peak to the nadir of the Great Depression in the summer of 1932, the Dow industrial average dropped from 381 to 36, or just over 90 percent. From the December 1968 peak to the May 1970 bottom, the same index dropped from 985 to 631, or about 36 percent. … The average 1969-1970 decline of the ten conglomerates, Shapiro found, had been 86 percent; of the computer stocks, 80 percent; of the technology stocks, 77 percent. (查看原文)

  目送飞鸿 2022-11-13 13:29:48

• Indeed, the margin requirement made it quite difficult in 1969-1970 for a stock investor to be wiped out entirely. … If one heard of investor hardship in 1970, but not of lost homes, shattered lives, and suicides, much of the credit must go to that key piece of New Deal reform legislation, the Securities Exchange Act of 1934, which (among many other things) gave the Federal Reserve its power to regulate stock-market credit. (查看原文)

  目送飞鸿 2022-11-13 13:29:48