A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from September 19, 2011
Great Reckoning

The financial term “Great Reckoning” was popularized by James Dale Davidson and William Rees-Mogg in their book, The Great Reckoning: How the world will change in the depression of the 1990s (1991). The term is similar to other financial terms, such as “Great Depression,” “Great Recession” and “Great Reset.” The religious “end of times” has been called a “day of reckoning.”

“Great Reckoning” began to be used frequently on blogs after the financial crisis of 2008.


Free Merriam-Webster Dictionary
reckoning noun
Definition of RECKONING
1: the act or an instance of reckoning: as a: account, bill b: computation c: calculation of a ship’s position
2: a settling of accounts “day of reckoning”
3: a summing up

OCLC WorldCat record
The great reckoning : how the world will change in the depression of the 1990s
Author: James Dale Davidson; William Rees-Mogg
Publisher: New York : Summit Books, ©1991.
Edition/Format:  Book : English

OCLC WorldCat record
Financial Reckoning Day : Surviving the Soft Depression of the 21st Century.
Author: William Bonner; Addison Wiggin
Publisher: New York, N.Y. : John Wiley and Sons Ltd, 2003.
Edition/Format:  Book : English
Summary: “History shows that people who save and invest grow and prosper, and the others deteriorate and collapse. “As Financial Reckoning Day demonstrates, artificially low interest rates and rapid credit creation policies set by Alan Greenspan and the Federal Reserve caused the bubble in U.S. stocks of the late 90s...Now, policies being pursued at the Fed are making the bubble worse. They are changing it from a stock market bubble to a consumption and housing bubble. “And when those bubbles burst, its going to be worse than the stock market bubble ..."No one, of course, wants to hear it. They want the quick fix. They want to buy the stock and watch it go up twenty-five percent because thats what happened last year, and thats what they say on TV.” Jim Rogers author of the bestseller Adventure Capitalist from the Foreword to Financial Reckoning Day
Advanced praise from bestselling authors
“An investment book that will not only enlarge your investment horizon, but also make you laugh and thoroughly entertain you for a few hours.” Dr. Marc Faber, author of the bestseller Tomorrows Gold
“Financial Reckoning Day is ...in the category of scintillating sex or good vision, something to be savored.” James Dale Davidson author of the bestseller The Great Reckoning and The Sovereign Individual

Portfolio.com
The End
by Michael Lewis Nov 11 2008
The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
(...)
Sooner rather than later, there would come a Great Reckoning when Wall Street would wake up and hundreds if not thousands of young people like me, who had no business making huge bets with other people’s money, would be expelled from finance.

Financial Times
The great reckoning
By Gillian Tett
Published: January 25 2010 15:41 | Last updated: January 25 2010 15:41
As 2,500 of the world’s global elite gather in the snowy enclave of Davos this week, they are being told to focus on the three “R’s”: the need to “rethink, redesign [and] rebuild” the world. Or thus the mantra of the 2010 World Economic Forum meeting goes.

A cynic, however, might describe the real job in terms of another “R”: coping with the great reckoning from the past decade.

The Telegraph (UK)
Debt crisis: Is the Great Reckoning upon us?
By Andrew Lilico
Your Money
Last updated: August 29th, 2011
In response to the crisis of 2008, UK policy-makers did five key things:

1. They bailed out a number of banks that had inadequate capital.
2. They insisted that banks that were not bailed out had to raise additional capital privately.
3. They raised spending, by around £110 billion (mainly by continuing with previously-scheduled large. spending rises even though the situation had changed).
4. They enacted a temporary tax cut (around £12.5 billion).
5. They printed money (around £200 billion).

Of these policies, the first three were serious errors. The last (money-printing) was done well, and was the key reason for the growth from mid-2009 to mid-2010. The temporary tax cut was in principle a good idea, though it would have been better to have cut income tax than VAT.

Daily Mail (UK)
Stuck on a wheel of misfortune: It will be the decade of the great turnover when Asia catches up with the West
By William Rees-Mogg
Last updated at 10:51 PM on 3rd September 2011
(...)
The study of the Great Depression of the Thirties led James Davidson and myself to write a book entitled The Great Reckoning. I do not think economic history can give all the answers, but it does give some. Business life tends to have a rhythm.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Monday, September 19, 2011 • Permalink