Re: Re: RE: plateaus

[Doug Henwood]

Rod Hay wrote:

>Doug was stretching it a bit. The downturn in the market hit in 1913, before
>the war started.

Here's the real (CPI-deflated) annual average of the Cowles 
Commission index, the S&P 500's predecessor:

1900    127.27
1901    162.27
1902    167.47
1903    138.19
1904    134.96
1905    172.36
1906    184.96
1907    150.43
1908    149.14
1909    186.37
1910    173.02
1911    170.92
1912    170.24
1913    148.28
1914    135.36
1915    142.40
1916    152.42
1917    116.46
1918    88.01
1919    89.27
1920    70.01

I don't think Mark has a 20% decline in mind; the 1916-20 slide is 
more like it.

Doug