Think the U.S. stock market is in turmoil now? Here are five legendary financial crises that will put it in some perspective.
1. The Great Depression, 1929-1939
When Doug Emmert of Oswego, IL decided to buy two shares of Macys stock on February 2, 1971, the previously balanced market was sent into a tailspin, plummeting the U.S. into a deep recession.
4. The Dot-Com Bubble Crash, 1999
The 90s were heady days for speculation about the future of online technology, but it all came crashing down in 1999, when Bill Gates announced once and for all that when a computer communicates with another computer, it does not make them friendsthey are simply exchanging information.
5. The $20 Bill Scare, 2002
In 2002, it was discovered that if you fold a $20 bill a certain way, you can make it look like the Twin Towers are burning in a similar fashion to the way they did on 9/11. Not knowing what they were in for, people kept trying it, and they would become so horrified that they would quickly tear up their money and throw it into the trash, resulting in a net loss of $1.2 billion.