I was intrigued by Jay Evensen’s opinion piece “Did you see what they said after the stock market crash in 1929?” drawing comparison between the October 1929 stock market crash — and the bumpy ride in the aftermath. “American industry is fundamentally sound and undisturbed by the recent financial upheaval,” the Department of Labor then said. “The stock market break has not caused reduction in employment … (and) it might bring more money into industrial development.”
That was far from the truth, cratering in 1932 and taking until November 1954 — some 25 years — to again reach pre-crash highs. That stark warning should cause today’s investors to look in the mirror. History tends to repeat itself.
James A. Marples
Provo
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