Twenty Years Ago
10-19-87 Monday—or perhaps I should write “Black Monday”. The Dow Jones industrial average dropped a record 508 points today. This is the worst one-day decrease in history, greater even than the drop in October 1929 that ushered in the Great Depression. In percentage terms, today’s decrease (twenty-two percent) was the second-largest in history. There was a day in 1914 when the percentage was slightly higher. As for the cause of today’s market crash, we can only speculate at this point. Some observers say that it was caused by an impending tax increase. Others blame computerized transactions. You see, computers have been programmed by brokers to buy or sell when certain stocks reach certain prices. This causes a snowball-like effect on the market—an effect that seems out of human hands. Fortunately, I have no stocks. [The stock market fell 684.81 points on 17 September 2001, the first day of trading after the terrorist attacks of 9-11. The percentage decrease, however, was only 7.13.]
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Ron Milo corralled me late this afternoon to ask a favor. It seems that the three Arizona universities (UA [the University of Arizona], ASU [Arizona State University], and NAU [Northern Arizona University]) will be awarding distinguished professorships to two percent of their faculties. One of those up for the award is Joel Feinberg [1926-2004]. In support of the nomination, Ron has to put together a set of letters—some from current colleagues, some from other experts in his field (Ron mentioned Ronald Dworkin, for instance), some from former students (Ron mentioned Jules Coleman and Michael Bratman), and at least one from a current student. You guessed it; I’m the “current student”. I told Ron that I’d be flattered to write such a letter, and would get right on it. But I can’t breathe a word of this to anyone, especially Joel. He apparently has no idea that he is up for the award. So I’ve told nobody, except those who read this journal, and that will be well after the fact. Needless to say, I’m honored to be selected to make a pitch for someone to whom I’ll always be indebted. Joel is a fine teacher, a warm, witty, and pleasant person, and a great scholar.