But it also had huge investment implications. The following day (a Friday) the UK stock market had to be closed as no one could get to work. As a result two days of huge falls in the US stock market couldn’t be digested, causing pent-up selling pressure. This weather event therefore played a key role in the mayhem of the following Monday, Black Monday, with bigger falls than the Wall Street Crash of 1929 – to this day they have not been surpassed.
I’ve updated my Ebook: “Short History Of The Great Crash 1987” and you can download it here. There is an interesting array of characters: Del Boy and “Sid”, Thatcher and Greenspan, and Dennehy and Weller. The latter clambering over fallen trees (we were young then!) in Chislehurst on Friday 16th to sell client investments – with some success, despite everything.
Most seriously is Part 6 which looks at the relevance today – it is not the similarities which are a worry but the differences.
