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Will Australia beat RECESSION ?

The recession of the early nineteen-nineties was an economic recession that hit much of the world in 1990-91.

Dow Jones (July 1987 through January 1988)

Dow Jones (July 1987 through January 1988)

On Black Monday of October 1987 a stock collapse of unprecedented size lopped 22.6 percent off the Dow Jones Industrial Average. The collapse, larger than that of 1929, was handled well by the economy and the stock market began to quickly recover. However the lumbering savings and loans were beginning to collapse, putting the savings of millions of Americans in jeopardy.

The panic that followed led to a sharp recession that hit hardest those countries most closely linked to the United States, including Canada, Australia, and the United Kingdom.

October 11, 2008

LOCAL stocks yesterday suffered their worst one-day fall since the 1987 crash, with nearly $95 billion wiped off the local market alone.

The share market lost more than $190 billion in value over the week as governments and central banks around the world struggled to contain the worst financial crisis since the Great Depression.

This is a transcript from The World Today. The program is broadcast around Australia at 12:10pm on ABC Local Radio. You can also listen to the story in and and formats. Australian stocks plunge on global recession fears The World Today - Friday, 10 October , 2008 12:00:00 Reporter: Peter Ryan ELEANOR HALL: The Australian share market is in a tailspin this lunchtime reflecting the fear in the United States and Europe that the world is spiralling closer towards a deep global recession.

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