On March 16, 2020, the Dow Jones Industrial Average recorded its worst lost since 1987.

According to CNN, “US stocks ended sharply lower on Monday, with the Dow posting its worst point drop in history and falling to its lowest level in nearly three years. Worries mounted that central banks’ emergency measures over the weekend meant the economy is in much worse shape than previously believed.”

In 1987 we had the failure of the Savings and Loan industry where 1,043 out of 3,234 Savings and Loans associations collapsed. During this time, I worked for American Savings and Loan Association. Going back to the days of Charles Knapp, and Charles H. Keating, Sr., the Savings and Loan industry rocked the NYSE to its knees and triggered an economic environment that dismantled the Savings and Loan industry.

In 1987, the S & L debacle was a man-made disaster.  This time is different because this is a biohazard, which makes the market collapse much worse as this is not about financial corruption, an issue that can be contained with regulations and legislation, such as the Dodd-Frank Wall Street Act.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed during the Obama administration in 2010 as a response to the financial crisis of 2008. What is of noteworthy importance is that President Trump sought to repeal measures of the act. Dodd-Frank was designed to protect consumers.

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Trump with his penchant for dismantling established organizations exacerbated the current pandemic in that Trump and John Bolton, then head of the National Security Council, dismantled the White House’s National Security Council Directorate for Global Health Security and Biodefense, the team in charge of pandemic response, firing Tom Bossert, head of homeland security, and disbanding the team in the spring of 2018. Cuts in the budget for the Centers for Disease Control and Prevention (CDC) made it clear that the Trump administration didn’t deem the federal government’s ability to respond to disease outbreaks important.

So, when a virus comes to town and rocks your financial markets, we need community resolution, as thus far, we cannot depend on the federal government.

I have a word for my millennials, “Don’t be labeled a consumer, be labeled an investor.” Today, the market is acting like “Boyz In The Hood.” Don’t let the white shirts fool you, and don’t let the gentile language lull you to sleep. Save and invest your money.

Learn about the stock market and get a grip on your emotions. I remember once a young lady said to me, “I want to open an account with you, and I want my first purchase to be Jamba Juice, because I like it.” An investment must transcend beyond your emotions. It must drift into the layer of technical and fundamental analysis; that’s a future discussion.

If you have any questions or comments, please feel free to contact Curtis O. Robinson, Sr. at, pastorcurt@thefaithbcofoakland.org.

Curtis O. Robinson, Sr.

Posts by Curtis O. Robinson, Sr.