Although few Americans owned any stock at the time, the Wall Street Crash of 1929 was the first in a sequence of events that eventually resulted in a wide spread panic and a Great Depression that lasted well over ten years.
With their economic stability threatened, some lost their ability to reason and hope. Some even committed suicide.
Failures of massive financial institutions in the U.S. in the fall of 2008 began another economic worldwide crisis. The stock market crash of that year has now been described as the Wall Street Panic of 2008.
By definition, a stock market crash is a result of panic. “A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors. They often follow speculative stock market bubbles.” (from Wikipedia)
Regardless of why a stock market crashes, the resulting impact is very personal. Loss of resources you have worked hard to acquire is a major blow. Having to start over again in middle age or retirement age can be devastating.
It does take money to live. You cannot obtain food, clothing or houses without it. If you are responsible for a family, the concern is magnified.
However, despair is not inevitable. As President Roosevelt said, “the only thing we have to fear is fear itself – nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
If a major lifestyle change has become necessary for you, it need not ruin your life. Solutions begin with a positive attitude and a faith that God is with you.
The choice is yours. You can panic and lose hope or you can explore creative ways to provide what you need.
Better is a little with the fear of the Lord, than great treasure with trouble. Better is a dinner of herbs where love is, than a fatted calf with hatred (Proverbs 15:16-17).