Thursday, October 19, marks the 30th anniversary of Black Monday, when the Dow Jones industrial average suffered a record 22% crash.
David Rosenberg, now the chief economist at Gluskin Sheff, was just starting out on Wall Street as the stock market crashed. "I had never in my life seen such pandemonium either professionally or personally," he recalled.
An important lesson from that day that economists got but traders missed, Rosenberg said, was that market crashes don't cause recessions —...
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