A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History
For those of us who watched the market during the Black Monday crash of 1987 and who have heard all the theories about what went wrong, this book finally clears up the behind-the-scenes mysteries that ended in a twenty-two percent, single-day loss. In current perspective, that would be like watching the DOW Industrial Average drop more than 5,000 points in a day. For those of us still reeling from the 2008-2009 Great Recession, Henriques makes a direct connection between the two financial collapses to show that what has happened before can easily happen again because the underlying problem has not been fixed.
To more fully explain the nature of the problem, Henriques begins piecing this global network of financial engines together with the Hunt brothers’ silver debacle. From this we are given an insider’s peek at the vast loopholes between regulatory agencies and the robber-barons who exploit the limits of jurisdiction for profit. Henriques builds a convincing case for greater oversight over all aspects of the financial markets, while simultaneously describing the moneyed forces opposed to more regulation.
Written in layman’s terms while unraveling a tangled mess of political agendas and complex transactions, this narrative chronicles the hour-by-hour meltdown of multiple markets and the extraordinary efforts made to prevent its total extinction. Henriques reveals the financial dominoes made of dynamite, standing shoulder to shoulder, and how quickly they topple.
Henry Holt and Co.
Diana B. Henriques