Originally published on Fri October 19, 2012 9:14 am
Chicken Little was running wild 25 years ago today. But one could hardly blame the poultry for panicking.
On Oct. 19, 1987, the stock market plunged a record-setting 23 percent. The next day, the New York Daily News' front page screamed "Panic!" and a New York Times headline asked: "Does 1987 equal 1929?"
Turns out, the 1987 plunge was a mere stutter step. The Dow Jones industrial average, which closed at 1,739 that day, quickly bounced back. Within a decade, the stock-price average had nearly quintupled.
Robert Griffo was living the high life at an investment firm on Wall Street when the stock market crashed 25 years ago on Black Monday. Along with the Dow Jones industrial average, Griffo's life tumbled.
Griffo tells StoryCorps he worked with the investment company for 11 years.
"I was making a lot of money," he says. "I used to walk over homeless people at Grand Central Station when they were begging for money, and I'd say, 'You need to get a job.' But I lost myself on Wall Street."
When the market crashed on Oct. 19, 1987, Griffo thought he would be let go.
As the presidential race enters its final weeks, there are many factors that could affect the outcome: a great — or terrible — debate performance by one of the candidates on Monday in Florida; the next jobs report; or the presence of third-party candidates who are on the ballot in almost every state.
Gary Johnson, the former two-term governor of New Mexico who's running on the Libertarian ticket, is on the ballot in 48 states.
When our series began yesterday, we brought together five economists from across the political spectrum and had them create a platform for their dream presidential candidate. It's a platform — Get rid of a tax deduction for homeowners!
We are standing on a roof, leaning back against the wall because of the snipers. We're right at the Syrian-Lebanese border, looking into the Syrian town of Jusiyah, standing with a rebel fighter who has his walkie-talkie going.
The rebel is part of a group fighting against the Syrian regime's army. The rebels have controlled a route into and out of Jusiyah for nearly a year.
Originally published on Fri October 19, 2012 3:46 am
It's official: The Detroit Tigers are going to the World Series.
The Tigers beat the New York Yankees 8-1 Thursday for a four-game sweep of the American League Championship Series.
Here's more from The Associated Press:
"Miguel Cabrera and Jhonny Peralta hit two-run homers in a four-run fourth inning against CC Sabathia, who was unable to prevent the Yankees from getting swept in a postseason series for the first time in 32 years.
There's now a deeper look at young kids who got sick after eating or otherwise messing around with those laundry detergent pods that look a lot like candy.
Doctors from two poison control centers and the Centers of Disease Control and Prevention have analyzed more than a thousand incidents involving people exposed to the pods and other kinds of laundry detergent.
Immigrant rights groups rallied in Detroit, yesterday, after Immigration and Customs Enforcement officials arrested one man and questioned another when they were on their way to drop their kids off at school.
In many large cities, like Dallas, Phoenix and even parts of Chicago, $800 a month is enough for a clean one-bedroom apartment, decked out with a living room, washer and dryer — and maybe even a pool, in a larger complex.
But if you want to live alone in San Francisco, getting those amenities at that price is practically a pipe dream. With the region's resurgent high-tech industries luring many well-educated, well-paid workers to the Bay Area, the averagerent for a studio apartment in the city now runs around $2,000.