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by daveguy
3661 days ago
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There was a major market crash and recession around 1987. The economy stumbled for about 5 years while Bush Sr. was president. That is a primary reason Clinton was elected in 1992. I don't know the primary industry that crashed (like tech 2000 and financial 2008), but the rise in unemployment is likely the aftermath of that recessionary period. |
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It depends upon who you ask, but mainstream consensus [1] is financial industry, specifically via the then-newly-common program trading. The supposed resultant market crash is usually identified in mainstream analysis as the incipient early 1990s recession.
US residents at the time possibly more commonly associated the market crash and recession with the savings and loan (aka "S&L") crisis. [3] Significant portions of the Finance, Insurance, and Real Estate (FIRE) industries [4] were adversely affected at the time, though IMHO the resultant regulatory response only acted as a perverse incentive to further financialize the US economy.
[1] https://en.wikipedia.org/wiki/Black_Monday_%281987%29#Causes
[2] https://en.wikipedia.org/wiki/Early_1990s_recession
[3] https://en.wikipedia.org/wiki/Savings_and_loan_crisis
[4] https://en.wikipedia.org/wiki/FIRE_economy