By Marc Lichtenfeld “You’ll never make that money back!” the pitchman breathlessly exclaimed.
The guy on the radio was selling annuities and warning investors not to put their money in the risky “Wall Street casino.”
He tried to scare listeners by telling them that if the market crashed like it did in 1987 or we had another nasty bear market like in 2000 or 2008 that “it would take a lifetime to make that money back.”
He couldn’t have been more wrong.
On October 19, 1987, or Black Monday, the Dow Jones Industrial Average plummeted 22.6%.
It was the biggest one-day drop in U.S. stock market history.
But it …read more
