• Thought of the Day

    Thought of the Day

    2000: If a team says, Weve got two good quarterbacks, they dont have any.

    –Phil Simms, Sports Illustrated, Sept. 15, 1997.

Today in Financial History

1989: The Japanese are coming! Mitsubishi Estate Co. agrees to pay $846 million for 51% of Rockefeller Center in New York City, setting off mass hysteria among U.S. pundits, who claim that America's patrimony is being scooped up by the Japanese. By 1996, the Mitsubishi affiliate is so financially troubled that it sells Rockefeller Center for less than $400 million.

The Wall Street Journal, October 31, 1989;The Wall Street Journal, February 2, 1992, p. A1

1929: The Dow Jones Industrial Average has one of its best days ever, rocketing up 29.40 points, or 12.3%, to 258.47 as John D. Rockefeller, Sr. announces: There is nothing in the business situation to warrant the destruction of values that has taken place on the exchanges during the past week [so] my son and I have for some days been purchasing sound common stocks." Sometimes the "smart money" doesn't know what the heck it's talking about: The Dow goes on to lose 84.1% more of its value before bottoming out on July 8 1932."

Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated