Editorial cartoons present a snapshot of things that stood out as important in the past. Most are political in nature. Every so often, something major happened in the stock market that drew the attention of the country and cartoonists captured the moment in a funny way.
Bear markets and crashes were always a big draw and the 1900s produced many. A selection is covered by the cartoons below.
The first came in 1901. Cartoonists captured the speculation and panic caused by the attempted corner of the Northern Pacific Railway. The corner led to one of the largest short squeezes ever, forced short sellers to sell other holdings, and created a panic on Wall Street.


In 1907, the Bankers’ Panic took place after the collapse of the Knickerbocker Trust. J.P. Morgan’s intervention stemmed the slide. He, along with a consortium of wealthy Wall Streeters, pledged their own money to keep the banking system funded. It was enough to restore confidence and prevent a further run on the banks.


The bear market from 1929 to 1932 was the worst of them all. The Dow fell 89% from the September 1929 peak to the July 1932 bottom. In between, the market bounced from bear market rallies to lower lows.
Each rally gave the “experts” an opportunity to declare the end was near. They were all wrong. The 1929 crash ultimately led to Congressional investigations and regulation of the stock market. The investigations were in full swing by 1932.







General prosperity washed over the country following WWII. 1950 to 1961 saw one of the longest bull market streaks (briefly interrupted in 1957).
The streak ended in December 1961. The market fell over the next 196 days, a 28% drop. By the time the cartoonists captured the moment, the decline was over. The bear market hit bottom on June 26, 1962.


1987 gave us the worst single-day drop ever. The Dow fell 22% on Black Monday, October 19th. The bear market, however, began in August and continued into early December. It lasted 101 days, a 33% fall.

Of course, the cartoons show that history rhymes. Bear markets come in all shapes and sizes but they come and go. Hopefully, the cartoons offer some levity in the current bear market.
Related Reading:
Cartoons of the 1929 Crash
Last Call
- Engaging With History – M. Housel
- Why Do You Think They Call It “Fall”? – J. Zweig
- Something Has to Hurt – Behavioural Investment
- 20 Timeless Lessons for Young and Old Investors – Safal Niveshak
- Reaping the Whirlwind: A September 2022 Inflation Update – Musings on Markets
- The Quarterly Interview: Bill Gurley – McKinsey
- The War with Inflation and the Confederacy – Public Books
- Lessons from a Professional Password Cracker – The Markup
- What Will It Take to Recycle Millions of Worn-Out EV Batteries? – Knowable