Today's Liberal News

Adam Tooze

2020 Was Almost Worse Than 2008

On Thursday, March 12, 2020, the news from the financial markets was grim. America’s stock markets suffered losses worse than anything in 2008. Only Black Monday, in October 1987, and the darkest days of 1929 were worse. That was bad, but for insiders, the stock market was not the real worry. A “correction” was in order. The world was heading into shutdown. It was to be expected that share prices would fall.