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Stock market crashes have obliterated trillions in wealth from the economy.
In 1929, more than $30 billion was lost on Black Tuesday. Black Monday in 1987 saw the Dow drop 22.6% in a single day - a $500 billion loss of value. Most recently, $1 trillion in market value disappeared in just 20 minutes in the Flash Crash of 2010.
Those are just a few examples.