Monday, March 1, 2010

News from 1930

Here's a link to an interesting blog I came across.  This fellow has been publishing, every day, a summary of the Wall Street Journal from the corresponding day in the 1930's.  He started this last year.  So in other words, today being March 1, 2010, his blog post is a summary of the Journal from March 1, 1931.  And it's not just market news, but politics, personalities, entertainment, and advertising.

If you click on the entry "Just What Is The Point of This Blog?" at the top right hand side of his home page, he explains by paraphrasing Mark Twain that while history doesn't always repeat itself, it often rhymes.  A daily reading of the Journal from the 1930's does show many similarities between then and now, such as a precipitous market panic, followed by recovery, followed by another drop.  And all the while, lots of pundits were proclaiming the crisis was over when the worst was yet to come.  It's fascinating to see how many knowledgable people didn't see what was happening to them as they were sitting right there at ground zero.  Very interesting reading from both a market perspective, and a historical perspective.