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Kissing cousins: The Wall Street collapse and media hype

Let's see if I can touch on your worst fears:

A collapse of the banking system and the insolvency of the FDIC is surely among them.

The Comptroller General advised the Senate Banking Committee that both were likely in April, 1991.

An "unprecedented" worldwide "economic convulsion" -- Newsweek used the quoted language in September, 1998.

A fundamental change in the world's economic condition. Fortune reported on that view in September, 1998.

The worst economic conditions since the Depression. Time made that observation in June, 1970.

Investor "shock felt round the world" was breathlessly reported by Time in November, 1987, complete with a story about a trader who withdrew $100 from his ATM because it gave him "a sense of security."

Pillars of the NYSE crumbling from the onslaught of a huge bear graced the cover of Newsweek in September, 1974.

The triple whammy of "inflation, recession and a frantic bear market" was reported by Life magazine on the cover of its June 5, 1970 issue.

Continue reading Kissing cousins: The Wall Street collapse and media hype

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