• Thought of the Day

    Thought of the Day

    2000: This is how one pictures the angel of history. His face is turned toward the past. Where we perceive a chain of events, he sees one single catastrophe which keeps piling wreckage and hurls it in front of his feet. The angel would like to stay, awaken the dead, and make whole what has been smashed. But a storm is blowing in from Paradise; it has got caught in his wings with such a violence that the angel can no longer close them. The storm irresistibly propels him into the future to which his back is turned, while the pile of debris before him grows skyward. This storm is what we call progress.

    Walter Benjamin, Theses on the Philosophy of History (1940),

Today in Financial History

1914: Just weeks after the assassination of Archduke Ferdinand in Sarajevo, stock exchanges in Berlin, Rome, and Vienna shut down as Austria declares war on Serbia. Investors panic in New York: General Motors plunges 34%, and Bethlehem Steel drops 14% (even though it makes the metal that will go into munitions if world war breaks out). The Dow Jones Industrial Average tumbles 6.9% to 71.42, on immense volume of 1,307,000 shares.

John Steele Gordon, "When Markets Melt," Strong Investor, Spring 2001, pp. 8-9;Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated

1863: Henry Ford, pioneer of the U.S. auto industry, is born on his family's farm in Greenfield Township, Mich.