Not THAT Housing Crash
Although the recent housing bubble burst of 2008 can be directly attributed to the loss of billions of dollars in what seemed like a blink of an eye, putting many hard working Americans on the street and giving birth to a new crippling recession, there have been many historical crashes much more destructive than the one that still leaves a bitter taste in the back of our mouths.
Consigned to the pages of history, as few people are still alive to remember it, the Wall Street Crash of 1929 is one of the biggest economic crashes that most people have heard of. That famous crash was not the biggest by any stretch of the imagination, that honor goes to an event still fresh in the minds of middle aged Americans, the housing crash of the 80’s.
Given the title ‘black’, as most of these events are, Black Monday would see a 22.61% loss in the stock market, all happening in just a single day on October 19, 1987. Like with 2018, the confidence in the housing market was unshakable but their faith in the market would not only crash the market in the United States, this crash would see economies all over the world shrink by at least 25%.
