In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short span of time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1,738.74 (22.61% drop). In Australia and New Zealand, the 1987 crash is also referred to as “Black Tuesday” because of the time zone difference.
The terms Black Monday and Black Tuesday are also respectively applied to October 28 and October 29, 1929, which occurred after Black Thursday on October 24, which started the Stock Market Crash of 1929.
There was one man who foresaw this crash. It is my mentor and friend, Dr. Ravi Batra, Professor of Economics at Southern Methodist University, Dallas,TX. His book became the Number 1 best seller for his accuracy of this forecast.
Tomorrow being the 30th Anniversary of an important date in the profession of Economics and Finance, I present to you Dr. Ravi Batra, himself reminiscing the memories of that fateful day and what lies ahead.