, Columnist
No One Wants to Remember 1987. Then There’s 1916
Comparison for bond yields bear a scarily unwelcome resemblance to 36 years ago. Meanwhile, Japan tries a Verdun strategy.
Traders look at numbers on a screen on Black Monday, when the Dow plunged 508 points.
Photographer: Anthony Pescatore/New York Daily News Archive/Getty
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In financial circles, comparisons to 1987 are never welcome. The Black Monday crash in October of that year is still the single most terrifying day in market history; any suggestion that current circumstances are at all like the early months of 1987 is a little scary. So it’s disconcerting to find three references to that inauspicious year in my email inbox.