Is It Over? Day 443

More
It has been 443 days since the Lehman Brothers bankruptcy signaled the beginning of the current financial crisis. Is it over? Many people think so. Many thought so on January 14, 1931, 443 days after the stock market crash that led to the Great Depression. Yet the Dow wouldn't hit bottom until July 8, 1932. The equivalent date in the current downturn would be May 27, 2011.

On Wednesday, January 14, 1931, 443 days after the beginning of the Great Crash, the Dow stood at 167.46, 214 points below its peak of 381.17 on September 3, 1929, but still 126 points above its nadir of 41.22 on July 8, 1932. Some benchmarks were promising--Americans had invested $15 billion overseas in 1930, $1 billion more than in 1929, and domestic cotton production was up. Meanwhile, international debate raged over the gold standard, with a League of Nations commission recommending shifting more power and freedom of action to central banks. 

09.12.02.gif

On Wednesday, December 2, 2009, 443 days after the beginning of the current financial crisis, the Dow closed at 10,452.68, 3,712 points below its peak of 14,164.53 on October 9, 2007. The Fed announced "modest" economic improvements on the heels of a slight rise in consumer spending, while GM looks to replace CEO Fritz Henderson, who stepped down after just eight (admittedly brutal) months on the job. Americans processed President Obama's announcement of a 30,000-troop "surge" in Afghanistan, while legislators struggled to get their minds around its $30 billion price tag.

<< Is It Over? Day 442    |    Is It Over? Day 444 >> 

(This feature is from a new business-oriented website to be produced by Atlantic Media and to debut in March.)

Jump to comments
Presented by

Nicole Allan is a former senior editor at The Atlantic.

Get Today's Top Stories in Your Inbox (preview)

The Time JFK Called the Air Force to Complain About a 'Silly Bastard'

51 years ago, President John F. Kennedy made a very angry phone call.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Adventures in Legal Weed

Colorado is now well into its first year as the first state to legalize recreational marijuana. How's it going? James Hamblin visits Aspen.

Video

What Makes a Story Great?

The storytellers behind House of CardsandThis American Life reflect on the creative process.

Video

Tracing Sriracha's Origin to Thailand

Ever wonder how the wildly popular hot sauce got its name? It all started in Si Racha.

Video

Where Confiscated Wildlife Ends Up

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in Business

Just In