The Dow Jones hit a high of 381 September 3, 1929. By Wednesday October 23 it had dropped to 305. On Black Thursday October 24th 1929, the stock market was in a free fall. The market had fallen to 274. Then at 1:30 Richard Whitney Vice President of the Stock exchange walked to trading post number two, US Steel and announced a bid of 205 for 10,000 Steel. This was 40 points above the market price. He then went on to several other posts and placed bids for stock above the market price. The stock market came back to close at 299 (The money for his bids was fronted by JP Morgan et al). The following Monday the market dropped to 260 and then on Black Tuesday the market dropped to 230.
The Dow Jones hit a high of 14,000 July 19, 2007. By Wednesday August 16, 2007 it had dropped to 12,861. On Thursday the market started dropping down about 350 points and came back to close at 12,845.
It looks like Bernanke is the replacement for the historical JP Morgan banker’s consortium of 1929. It kind of makes you wonder if the rest of what is about to happen, hasn’t already been written. It's probably just my imagination running amok again.
BTW can somebody go over to Bear Sterns and turn out the lights? I guess we won’t read the obit until they pull the plug. Plus, I hear that Country Wide is in an adjoining bed.