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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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111389
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11138900.069
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1990-09-19
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LETTERS, Page 4Wall Street Tumble
The Dow Jones industrial average's 190-point drop on Friday
the 13th (BUSINESS, Oct. 23) has precipitated a deluge of
hypotheses, explanations and guesses by financiers, money managers,
economists and strategists. The sell-off is attributed to
computer-driven sales, the fall-through of the UAL buyout, circuit
breakers, junk-bond defaults, declining interest rates and economic
slowdown. The plunge is just an adjustment. Bargain hunters will
drive the prices up while the problems remain. What really happened
is that the greedy ran out of suckers to take the paper off their
hands at a higher price.
Herbert Bernstein
Miami Beach