Acclimated to Severe Turbulence
blogs.law.harvard.edu/philg/2009/03/05/stock-market-down-425-percent-not-a-front-page-story
From the page
Saved with the link. Notes from 2007 to 2016 are mostly the page's own words, so this is probably an excerpt.
Philip Greenspun:
This evening’s New York Times was worrisome. An inset box showed that the S&P 500 had fallen 4.25 percent for the day, wiping out roughly a year of investment returns. A few months ago this would have been the top story. Today, however, it did not even make the front page.
For context, consider this, from Harper’s Index:
Number of times in 2008 that the S&P 500 closed up or down 5 percent in a single day: 17
Number of times between 1956 and 2007 it did this: 17
★