Question for those in NZ.
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Question for those in NZ.
I'm learning about the 1987 black monday crash of the NYSE and many other markets. I didn't know about the international fallout. While the US and UK markets rebounded in weeks NZ stocks lost like 50 percent and took a year to get back to normal.
Anyone know why?
Did this have an impact on life in NZ or was it kind of irrelevant?
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Question for those in NZ.
I'm learning about the 1987 black monday crash of the NYSE and many other markets. I didn't know about the international fallout. While the US and UK markets rebounded in weeks NZ stocks lost like 50 percent and took a year to get back to normal.
Anyone know why?
Did this have an impact on life in NZ or was it kind of irrelevant?
I'm kind of wondering if anyone from NZ remembers this event ... maybe from when you were a kid.
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Question for those in NZ.
I'm learning about the 1987 black monday crash of the NYSE and many other markets. I didn't know about the international fallout. While the US and UK markets rebounded in weeks NZ stocks lost like 50 percent and took a year to get back to normal.
Anyone know why?
Did this have an impact on life in NZ or was it kind of irrelevant?
I was a kid at the time but later I’ve talked to the older generation including a family friend who recounted how he came home and said to his wife, pack your bags we’ve lost the house.
Because the regulation was lacking people would mortgage their house to buy shares in the hopes that shares go up and they can repay the mortgage. It was all loans on top of dodgy loans and when it was unwound so many people were broke. This is why I support regulation.
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F myrmepropagandist shared this topic
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I was a kid at the time but later I’ve talked to the older generation including a family friend who recounted how he came home and said to his wife, pack your bags we’ve lost the house.
Because the regulation was lacking people would mortgage their house to buy shares in the hopes that shares go up and they can repay the mortgage. It was all loans on top of dodgy loans and when it was unwound so many people were broke. This is why I support regulation.
Here’s an example of a widely held and traded company in NZ that had issues with the crash. Delisted from NZX. Not a good person either.
> At its peak about 150,000 New Zealanders were Brierley Investments shareholders.
> In the 1980s Brierley Investments was a feared corporate raider in Australia and Britain, but the firm stumbled after the 1987 sharemarket crash
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Here’s an example of a widely held and traded company in NZ that had issues with the crash. Delisted from NZX. Not a good person either.
> At its peak about 150,000 New Zealanders were Brierley Investments shareholders.
> In the 1980s Brierley Investments was a feared corporate raider in Australia and Britain, but the firm stumbled after the 1987 sharemarket crash
@futuresprog @futurebird Can't comment on New Zealand, other than to say they were dealing with many of the same shysters as us across the ditch.
Which gets us to the great Australian and New Zealand entrepreneurs of the '80s.
Mr Alan Bond: https://en.wikipedia.org/wiki/Alan_Bond
Mr Christopher Skase: https://en.wikipedia.org/wiki/Christopher_Skase
Bob Farrow, of Pyramid Building Society fame: https://en.wikipedia.org/wiki/Pyramid_Building_Society
The state of Victoria fell down a particularly deep pit.
Basically, the state government there was lending a lot of money to the entrepreneurs through its government-owned Tricontinental Merchant Bank: https://en.wikipedia.org/wiki/State_Bank_of_Victoria
It also had a bailout of the Pyramid Building Society.
On top of the conmen you also had a heavy turn towards neoliberalism through the '80s with industries deregulated, state enterprises privatised, tariffs lowered, and currencies floated.
#auspol #nzpol
