The American economy is still growing. There is no reason to panic, despite Trump’s ‘world war three’ comments
Two weeks before 19 October 1987, I warned publicly that “in two weeks, the stock market will lose 20% of its value.” Then, on 19 October 1987, the S&P 500 had the biggest one-day fall in its history – dropping 20%.
I was immediately deluged with letters and phone calls (no emails then) from people who wanted to sign up for my “investment letter”. I told them, with some regret, that I didn’t have an investment letter.
Robert Reich, a former US secretary of labor, is a professor of public policy at the University of California, Berkeley, and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His newest book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com
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