Thirty years ago yesterday, the stock market had its largest one day drop in value in history. Called Black Monday it happened on Monday, October 19, 1987. Stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1,738.74 (22.61%). The question isn’t will it happen again, but when will it happen again.
Black Monday affected my wife and me on a personal level. Three days earlier on October 16, we closed on our first house (we’ve moved a few times since). We were married less than a year and even though we didn’t have much money in the market were sure there was going to be a depression and we would lose the house we just moved into.