Bill, just look at the list of stocks in the Dow in the 70' and today, and you will see we had the same kind of mega failures, Mansville is gone, Anaconda is gone, Allegheny, Penn Central, Republic Steel, and about 4 other big steel companies that went under in the mid seventies, LTV and other conglomerates run into troubles (conglomerates were the dot.com of those days), , and don't forget that sector of bankruptcies like the airlines, Pan-Am, TWA, Branniff, Eastern Airlines, and the list goes on. Actually, right now we are much better off, during that lengthy period of the late sixties till the early eighties, unemployment was in the range of 8 to 10% if memory serves, and 6.5% unemployment was considered "full employment". Mortgage rates were hovering for a time near 13% to 15%.
Zeev |
