BLACK MONDAY 1987 AND THE PRICE OF EGGS: ARK OF COMMERCE Series

My History Can Beat Up Your Politics

Bruce Carlson

News, Politics, History

4.5 • 1.1K Ratings

🗓️ 19 December 2024

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

What's the stock market crash of 1987 got to do with the price of eggs/ Plenty, in a historical context. We look at the infamous crash of 1987 and how the computers did not save us. Nor did insurance which has a lot do with eggs, and eggs have a lot do with feeding Americans and making Americans a little money, and they have a lot do with needing markets - and sophisticated markets - so we'll talk about that. Those who listened to this series in 2019 may notice that I am changing the order. With time, i've found placing the two stock market crashes together works. In the fourth episode of the revised order, we'll get to the next day of the crash - Terrible Tuesday. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an Airwave Media podcast.
0:05.0	Hamburger.
0:06.2	Hamburger.
0:07.4	Hamburger to go.
0:08.9	Six figures.
0:10.5	In the top floors of a New York City brokerage, one of the most prestigious,
0:16.2	a grown man was shouting,
0:19.0	Hamburger, hamburger, hamburger to go. But he wasn't hungry. Hamburger! Hamburger to go!
0:22.3	But he wasn't hungry.
0:24.0	Hamburger meant McDonald's.
0:26.2	100,000 shares and to sell.
0:29.0	And on that day, Monday, the 19th, 1987, everything was for sale.
0:35.7	Today is Black Monday, the day the Dow dropped more than 500 points.
0:40.6	The $55,000 Pepsi to sell, 60,000 GM to sell.
1:07.5	Hamburger, hamburger, 30,000 JP Morgan to sell. I thought pandemonians said in when
1:13.2	JFK was assassinated in the middle of a trading day, a longtime seller of security said,
1:18.3	that wasn't it. This is the real pandemonium. Computers were freezing. Phones get
1:23.9	busy signals. Human voices needed lozenges. It's busy and people are on edge.
1:30.2	As I say, I don't think anyone should panic. In one hour, 140 million shares are sold. They can't get
1:40.3	rid of the stocks fast enough. The day the Dow dropped more than 22 percent, almost double the rate of the Black Monday
1:47.1	that signaled the beginning of the crash of 1929.
1:50.2	A precious metal brokerage in New York City runs out of coins to give the anxious customers
	...

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