Friday, September 23, 2011

Black Friday

September 24, 1869:

  "Black Friday": Gold prices plummet after Ulysses S. Grant orders the Treasury to sell large quantities of gold after Jay Gould and James Fisk plot to control the market.

Ah, nothing makes a market more exciting than an attempt to corner it.  Jay Gould had quite the career and James Fisk was nothing if not attention-grabbing.  Grant's corrupt brother-in-law promised them that the government wouldn't intervene.  If I remember rightly, this pretty well ruined Fisk, while Gould lived on to torment markets even more.

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