As many of you know, I’ve been studying the history of the American economy recently, and I wanted to share something I just find fascinating…and it’s a tidbit you can share with your clients as well.
The roaring twenties, the decade that lead up to the crash, were a time of wealth and excess… (Sound familiar to anyone?)
After a six year run the Dow increased in value fold and peaked at 381.17 on September 3, 1929.
Often people think of the “CRASH” as a single day “Black Tuesday”. There was a significant crash on that day, BUT– it did not end there. It wasn’t just one day…it was more like 3 YEARS!
The market embarked on a steady slide that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak. This was the lowest the stock market had been since the 19th century”
The market did not return to pre-1929 levels until November 1954! 25 years.
Talk about Financial DEVASTATION.
“Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even.” -Richard M. Salsman
Is it any wonder then why Barry Dyke, in his book Pirates of Manhattan says “Life insurance companies were the nations primary custodians of American savings from 1930’s to 1980’s”
Times like these are not easily forgotten. People were burned, financial destroyed, and that pain was seared into the flesh of their minds forever.
I’m amazed at the parallels we see today with the great depression, I’m hoping the economy recovers as quickly as possible, but honestly I don’t see it happening any time soon. We may just be in the eye of the storm.
But Americans are already moving to safe money. I’ve been on 3 radio shows in the past ten days, and doing another one on Friday to talk about this thing EXACTLY.
I recently talked to upper management at one of the nations leading Mutual Whole life insurance companies and they have a 6 week back log of agents trying to get contracted because people want this.
Another industry insider said to me this week “We are seeing a Renaissance of Whole Life Insurance!”
I’ve been working several leads we’ve generated across the country (because we don’t have agents to handle them all)… I’ve experienced working with everyday people who want whole life insurance right before my eyes! It’s an exciting time to be in this business,
We can help people in need, we have the solution they need, I am so grateful to be in this industry RIGHT NOW.
If you want to be a part of it, just go to www.jointfa.com
P.S. Statistics and Information cited in this email were found from http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929
