Focusing on six words: Helping government do its job better

Happy birthday to… Karen Evans

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Dorobek and Evans

Dorobek and Evans

A very happy birthday to… none other then Karen Evans, administrator of the Office of Electronic Government and Information Technology (IT) at the Office of Management and Budget.

Evans has been enormously influential over the years — particularly in this role, which services as the de factor government CIO. And, agree or disagree with her — and I have done both — and while even she acknowledges that she can be a difficult boss sometimes. All of that aside, there is no doubt that she is passionate and dedicated to government service and agency missions. And, as I have grown to know her better personally, she is a very honest and honorable person.

Unfortunately, the biggest event on this date in history… well, this event strikes just a bit too close to home these days — it is the stock market crash of 1929. Any idea the percentage that the market dropped on that day? I’ll give you part of the answer — it dropped some 38 points.

Here is the write-up from the public radio’s Writer’s Almanac

It’s the anniversary of Black Tuesday, which happened in 1929 — the worst stock market crash in the history of the United States. The economy had been so good during the 1920s that people kept speculating in the markets, so stock prices were too high, much higher than the stocks themselves were worth. When they suddenly fell, it was a snowball effect. People had borrowed money to buy stocks, thinking that they could turn around and sell the stocks at a profit, and now they went bankrupt. On Black Tuesday, stock prices fell so fast that by the end of the day many companies couldn’t sell their shares at any price.

Black Tuesday was the beginning of the Great Depression. By 1932, more than 100,000 businesses had failed and 13 million people had lost their jobs.

This from Wikipedia:

On Black Tuesday, the Dow Jones Industrial Average fell 38 points to 260, a drop of 12.8%. The deluge of selling overwhelmed the ticker tape system that normally gave investors the current prices of their shares. Telephone lines and telegraphs were clogged and were unable to cope. This information vacuum only led to more fear and panic. The technology of the New Era, much celebrated by investors previously, now served to deepen their suffering.

Black Tuesday was a day of chaos. Forced to liquidate their stocks because of margin calls, overextended investors flooded the exchange with sell orders. The glamour stocks of the age saw their values plummet. Across the two days, the Dow Jones Industrial Average fell 23%.

By the end of the week of November 11, the index stood at 228, a cumulative drop of 40 percent from the September high. The markets rallied in succeeding months but it would be a false recovery that led unsuspecting investors into the worst economic crisis of modern times. The Dow Jones Industrial Average would lose 89% of its value before finally bottoming out in July 1932.

Want to find out more — which Simpsons star was born today… which senator was born today… and earlier we told you about the birthday of one of Charlie’s Angels — another “Angel” shares Evans’ birthday today… Find out more after the break…

Other big events on this date:

1682 The founder of Pennsylvania, William Penn, landed at what is now Chester, Pa.

1891 Broadway star Fanny Brice was born Fanny Borach in Newark, N.J.

1911 American newspaper publisher Joseph Pulitzer died at age 64.

1923 The Republic of Turkey was proclaimed.

1940 Secretary of War Henry L. Stimson drew the first number – 158 – in America’s first peacetime military draft.

1947 Frances Cleveland Preston, the widow of President Grover Cleveland, died at age 83.

1956 Israel invaded Egypt’s Sinai Peninsula during the Suez Canal crisis.

1956 “The Huntley-Brinkley Report” premiered as NBC’s nightly TV newscast.

1964 Thieves made off with the Star of India and other gems from the American Museum of Natural History in New York.

1966 The National Organization for Women was founded.

1967 The musical “Hair” opened off-Broadway.

1998 John Glenn, the first American to orbit the earth, returned to space 36 years later, at age 77.

68 Connie Mack III
Former U.S. senator, R-Fla.

66 Lee Clayton
Country singer

64 Denny Laine
Rock musician (Wings, Moody Blues)

62 Peter Green
Rock musician (Fleetwood Mac)

61 Richard Dreyfuss

60 Kate Jackson
Actress (“Charlie’s Angels”)

57 Dirk Kempthorne
Secretary of the Interior

55 Denis Potvin
Hockey Hall of Famer

51 Dan Castellaneta
Actor (“The Simpsons”)

51 Steve Kellough
Country musician (Wild Horses)

47 Randy Jackson
Singer (The Jackson Five)

43 Peter Timmins
Rock musician (Cowboy Junkies)

38 Toby Smith
Musician (Jamiroquai)

37 Winona Ryder

Written by cdorobek

October 29, 2008 at 8:19 AM

Posted in birthdays, community

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One Response

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  1. […] Happy birthday to… Karen Evans It’s the anniversary of Black Tuesday, which happened in 1929 — the worst stock market crash in the history of the United States. […]

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