Without thinking too hard about it, I can recall thinking that each of the following events, all of which happened during my working life, were something like the end of the world.
- Black Monday (1987): On October 19, 1987, global stock markets experienced a massive crash, with the Dow Jones Industrial Average plummeting 22.6% in one day.
- Savings and Loan Crisis: During the 1980s and early 1990s, around 1,000 of the 3,200 savings and loan (S&L) institutions in the U.S. failed. The U.S. government had to bail out the industry, costing taxpayers over $100 billion.
- Collapse of Long-Term Capital Management (LTCM): In 1998, LTCM, a hedge fund run by top economists and traders, collapsed due to massive losses in bond markets, prompting a bailout organized by the Federal Reserve to avoid further market instability.
- Global Financial Crisis (2008): Sparked by the collapse of the U.S. housing market and subprime mortgages, the 2008 financial crisis led to the failure of major financial institutions and a deep global recession.
- COVID-19 Pandemic (2020): The COVID-19 pandemic, which began in late 2019, triggered a global health crisis and economic downturn.
Except, of course, they were not.
We muddled through. We adapted. People in positions of power rallied and figured out a way.
It’s not difficult to look at this or that and imagine the worst. It’s almost certain whatever you may imagine won’t come true.
Preparation and planning are good. Resilience, grit, and “calm in the face of crazy” are all states of mind. You can choose them.
They’ll help a lot more than worry.