Be Prepared

Written by Drew on January 16th, 2006

One of the most economically devastating events in U.S. history was the Wall Street Crash of 1929. It started on October 24 (“Black Thursday”) and continued through October 29, 1929 (“Black Tuesday”), when share prices on the New York Stock Exchange collapsed. Overall, the stock market lost 40% of its value. The Dow Jones Industrial lost 89%. The crash triggered a depression that brought this nation to its kness. Historian Richard Salsman commented, “Anyone who bought stocks in mid-1929 and held on to them saw most of his adult life pass by before getting back to even.”

Black Tuesday caught everyone off guard. In a speech made nine days before, economist Irving Fisher said, “Stock prices have reached what looks like a permanently high plateau.” Lack of preparation and a false sense of confidence left Americans helpless in the face of the disaster. Hopefully, we have learned from the mistakes of our past. Today, safeguards are in place to prevent another Black Tuesday. This doesn’t mean our economy will always be robust. It simply means we will be prepared next time there is trouble.

Life is uncertain. The wise man wrote, “Do not boast about tomorrow, for you do not know what a day may bring” (Prov. 27:1). Our lives are like “a mist that appears for a little time and then vanishes” (Jas. 4:14). We are not guaranteed tomorrow. So we must be prepared (Amos 4:12).

 

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