3 ms·
There was a major market crash and recession around 1987. The economy stumbled for about 5 years while Bush Sr. was president. That is a primary reason Clinton
by daveguy 10y ago
There was a major market crash and recession around 1987. The economy stumbled for about 5 years while Bush Sr. was president. That is a primary reason Clinton was elected in 1992. I don't know the primary industry that crashed (like tech 2000 and financial 2008), but the rise in unemployment is likely the aftermath of that recessionary period.
- deleted 10y ago[deleted]
- yourapostasy 10y ago> I don't know the primary industry that crashed... It depends upon who you ask, but mainstream consensus [1] is financial industry, specifically via the then-newly-common program trading. The supposed resultant market crash is usually identified in mainstream analysis as the incipient early 1990s recession. US residents at the time possibly more commonly associated the market crash and recession with the savings and loan (aka "S&L") crisis. [3] Significant portions of the Finance, Insurance, and Real Estate (FIRE) industries [4] were adversely affected at the time, though IMHO the resultant regulatory response only acted as a perverse incentive to further financialize the US economy. [1] https://en.wikipedia.org/wiki/Black_Monday_%281987%29#Causes https://en.wikipedia.org/wiki/Black_Monday_%281987%29#Causes [2] https://en.wikipedia.org/wiki/Early_1990s_recession https://en.wikipedia.org/wiki/Early_1990s_recession [3] https://en.wikipedia.org/wiki/Savings_and_loan_crisis https://en.wikipedia.org/wiki/Savings_and_loan_crisis [4] https://en.wikipedia.org/wiki/FIRE_economy https://en.wikipedia.org/wiki/FIRE_economy