The 1990s
The Duration: July 1990 to March 1991
The Cause: Following a drastic drop in the Dow Jones in 1987 known as “Black Monday,” several countries with strong ties to the United States entered into prolonged recessions. The reduced U.S. gross domestic product stemming from the international slowdown combined with increased oil costs resulting from the Gulf War, simultaneously escalated American unemployment and inflation respectively. Savings and loan organizations, already in trouble from the prior decade, were failing at an accelerated rate, drastically impacting the real-estate market and jeopardizing the savings of countless Americans.
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.