Bubble Buster
By Paul Wachter ’97During the terrible week of Oct. 6, 2008—Black Week, as it was later dubbed on Wall Street—the Dow Jones industrial average fell nearly 2,000 points, about 18 percent. It was the worst weekly decline in the index’s history but only the latest blow in a burgeoning economic crisis.
The $8 trillion housing bubble had burst, taking [...]