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Stock Market
Airdate: Tuesday - October 29, 1974

WOR Show
Original Airing

Last Update: 11-26-2008

First Line After Theme Ends
Well, of course we're doing that because this is a very special day in world history. . .
Show Description
A salute to the Stock Market Crash with the DOW Jones Blues (AKA as The Bear Missed the Train) .How the truth is not as we know it .Why a poster commemorating the Stock Market Crash over a brokers desk is so funny
From Joel Baumwoll as posted on the Yahoo Shep Group The timelessness of Shep: If you listen to Shep regularly, as I do, thanks to Max, Flick Lives and The Brass Figlagee podcasts, you must be struck with how appropriate and relevant many of his programs are for today, despite their 30-40 year age. Last night I listened to a show he did on October 29, 1974. This is the 45th anniversary of the great the stock market crash in 1929, which many think was the harbinger of the Great Depression. It was eerie listening to him knowing that the DJIA dropped below 8000, a six year low and nearly 7000 points below its high a mere two years ago. His commentary was not dated, and could have been done almost as is live last night without losing a beat. Lester Smith's news preceded him with a quote from the President (Ford) that his policies were up to handing the economic problems. Shep played "The bear missed the train" throughout this show, as the theme of the 1974 economic woes, which included 13% inflation and declining stock prices. He said he was always ignorant of the stock market and, as a result, was not invested in securities. In this case, "ignorqance is bliss" he said. A friend who was always chiding hm for not investing had a framed copy of the New York Times front page of Oct. 29, 1929 on his wall. Shep said that was like a Kodiak bear collecting bear skin rugs. This is the guy, Shep said, who is often under his desk with a bottle of Jack Daniels as the market drops. Two points he made that stuck with me is how people don't learn from history and always want to think that the time they are living in is the most critical and important, and that they think of the past as a "simpler" time with less challenges. The Waltons came in for a drubbing as a romanticized view of life in the distant and rural past. "If I see John boy again I will fwow up," Shep said. He talked about how historians and movie makers create our images of the past out of whole cloth, and that people resist accepting a true rendition because it challenges the view that they like to have. He said imagine if Dick Cavett could interview U.S. Grant about the civil war. Historians would be up in arms because he would say a lot of things that were at odds with their writings. "What does he know?" they'd shout. "He doesn't have a Pulitzer Prize in history." The kind of stuff that helped shape my views at the tender age of 15. Perhaps we can have a thread about Shep shows from the way past that connect to the present. It's been a long time since we've talked in depth about the guy and his work.
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Engineer and Staff in Booth Summary/Rating Credit Instruments Played
By: Ken Applegate
Date: 11-26-2008
Rating: Not Rated
Airdate History ' - Original' date is earliest known broadcast)
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