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On this day in 1985, the S&P 500 closed above 200 for the first time, finishing the day at 201.41. It had taken the index more than 17 years to double.
On this day in 1835, Andrew Carnegie was born in Scotland. Carnegie came to the U.S. when he was 13 and went on to forge the steel industry that made America’s railroads, bridges and cars possible. By 1901 he was the world’s richest man.
On this day in 1853, the Panic of 1853 was in full-swing. Leading blue-chip stocks like the Delaware & Hudson Canal, the Panama Railway and the Sixth Avenue Railroad had dropped as far as 31% below their levels at the beginning of the year; more speculative “fancy” issues, like Parker Vein Coal, lost 89% of their value.
On this day in 1991, Charles H. Keating, Jr., the kingpin of the savings & loan crisis, was convicted on 17 charges of California state securities fraud.
On this day in 1906, Grace Murray Hopper (née Grace Brewster Murray) was born in New York City. She later served in the U.S. Navy, rising to the rank of rear admiral, and invented the COBOL computer language. She also coined the term “bug” for an electronic glitch when, in 1945, she opened a malfunctioning computer and captured a moth inside that had caused electrical relays to fail.
She was a fantastic woman, and I admired her greatly from the first day that I heard about her. Same with Admiral Rickover. Two intellectual giants of the US Navy.
Trump and Hesgeth would likely have fired both of them for being a lot smarter than they have ever been or ever will be.
On this day in 1984, Sandy Lerner and Leonard Bosack founded Cisco Systems to make improved network-switching equipment. The duo were professors in different academic departments at Stanford University who were frustrated by their difficulty in communicating by computer.
On this day in 1791, America’s first national bank, the Bank of the United States, opened. It immediately went on a wild credit binge, lending largely to speculators in the emerging U.S. stock market. Then it over-reacted and stopped lending almost entirely, causing a credit crunch and helping to precipitate America’s first market crash.
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On this day in 1985, the S&P 500 closed above 200 for the first time, finishing the day at 201.41.
It had taken the index more than 17 years to double.
On this day in 1998, America Online acquired once-dominant internet browser Netscape Communications
for roughly $4.2 billion.
On this day in 1835, Andrew Carnegie was born in Scotland.
Carnegie came to the U.S. when he was 13 and went on to forge the steel industry
that made America’s railroads, bridges and cars possible.
By 1901 he was the world’s richest man.
On this day in 1990, the Shanghai Securities Exchange was re-established in China,
41 years after it was closed by the new Communist regime.
On this day in 1853, the Panic of 1853 was in full-swing.
Leading blue-chip stocks like the Delaware & Hudson Canal, the Panama Railway
and the Sixth Avenue Railroad had dropped as far as 31% below their levels at the beginning of the year;
more speculative “fancy” issues, like Parker Vein Coal, lost 89% of their value.
On this day in 1991, Charles H. Keating, Jr., the kingpin of the savings & loan crisis,
was convicted on 17 charges of California state securities fraud.
If Keating was still alive, it seems that he would be a prime candidate for a Trump pardon.
Britannica provides an informative biography about Mr. Keating.
Remember the Keating Five?
https://www.britannica.com/biography/Charles-Keating
On this day in 1856, Jacob Little, one of Wall Street's biggest speculators,
went bust with unfunded liabilities of $10 million.
On this day in 1906, Grace Murray Hopper (née Grace Brewster Murray) was born in New York City.
She later served in the U.S. Navy, rising to the rank of rear admiral,
and invented the COBOL computer language.
She also coined the term “bug” for an electronic glitch when, in 1945, she opened a malfunctioning computer
and captured a moth inside that had caused electrical relays to fail.
Trump and Hesgeth would likely have fired both of them for being a lot smarter than they have ever been or ever will be.
On this day in 1984, Sandy Lerner and Leonard Bosack founded Cisco Systems
to make improved network-switching equipment.
The duo were professors in different academic departments at Stanford University
who were frustrated by their difficulty in communicating by computer.
On this day in 1791, America’s first national bank, the Bank of the United States, opened.
It immediately went on a wild credit binge, lending largely to speculators in the emerging U.S. stock market.
Then it over-reacted and stopped lending almost entirely, causing a credit crunch and helping to precipitate
America’s first market crash.