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Tuesday, July 9, 2019

An American Hero…RIP


An American Hero…RIP
H. Ross Perot passed away at 89 years old.  Famous for making a lot of money and running for President, the short Texan with the big ears and common-sense speeches once saved the country from a major economic failure and possible 1929 like depression.

You won’t find this information in Wikipedia, it somehow has been almost forgotten.  I did find this article from 1971, but it took a lot of searching.


In short:

In 1970 Wall Street brokerage firms, which in those days were all partnerships not incorporations, were unable to keep up with processing trades and transfers of investment certificates.  It was called a paper crunch.  Computers were not yet sophisticated enough to handle all the transactions from an exploding stock market (10 million shares traded a day was a huge trading day in 1970.)

Two of the largest firms on the street, E.I. Dupont, and Goodbody and Company were in danger of bankruptcy.   If they failed, the loss of confidence in Wall Street would have likely caused a run on Wall Street much like the 1929 run on the banks.  The Countries economy was in big trouble.

The largest firm on the street, Merrill Lynch, agreed to bail out Goodbody and Company, but only if no other large (Too big to fail) firm was allowed to go under.

If E. I. Dupont was not saved, Goodbody and Company would not have been saved and a Wall Street house of cards would have tumbled.

H. Ross Perot stepped in and after much negations, he and his group of investors propped up Dupont.  Dupont was saved from bankruptcy, Merrill stepped in and took over Goodbody and Company, Wall Street stayed in business without skipping a beat.

It seems that most of the world was not aware of the potential economic collapse, very little was spoken about the near disaster.

H. Ross Perot stuck his skinny neck out and helped shore up the mess.

Some say he did it to enhance his fortune, and in the long run the deal may have been profitable (not sure).  I believe he stepped in because he knew how dangerous the situation was.  He stepped in at great risk of his entire fortune.

H. Ross Perot is remembered for his unique character, big ears and common sense.  He is remembered for his Presidential runs which probably swung an election to Bill Clinton.

It seems little is said about his role in saving the country from a depression not seen since 1929.

I will always remember H. Ross Perot as an American Hero.

RIP H. Ross Perot.    

18 comments:

  1. He did have great common sense. We need more of that.

    Have a fabulous day. ♪♫♪♫

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  2. I was a big fan of his, back in the day. Solid man!

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  3. It's sad to see him go. How i wish this had been more common knowledge when he was running for president.

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  4. He also owned EDS. The phone company outsourced computer operations to the in the late 90s I was in computers so I retired from MaBell and went with EDS same job, more money etc.
    if I’m not mistaken, Perot had mercenaries go into a Iran (I think) and rescue several employees that the country had taken as hostages.
    He got the employees out safely.
    They later made a movie out of it. Something Something Eagle maybe.
    He was a character.

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  5. I remember when Perot was running for President! My parents (who lived in California) were fans of his. Interesting story about his financial heroics in the '70s. Good for him! R.I.P.

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  6. What a nice tribute to this wonderful man. He probably won't be remembered by many at this time. I hope more is said about him and all he accomplished. We could really use a common sense guy like him today...maybe a LOT of common sense men and women! Thanks for a good post.

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  7. I didn't know this about him but that time period I was still in high school and not aware of the goings on in the world (not that I'm that much more aware these days). I'm glad you mentioned this so I could learn more about him. So many old timers seem to be dying lately, just read Rip Torn also died today.

    betty

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  8. Thank you for this insight into a piece of US economic history. A lovely tribute to a man you admired. I do remember the name but didn’t know anything else. From what you describe, we could do with sensible people of his calibre in the unstable world we find ourselves in today.

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  9. What I know about Wall Street would fit on the head of a pin, with room to spare.

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  10. Interesting. All this time I just thought his main claim to fame was being a great foil for Dana Carvey.
    It's good to know this but it does make me nervous about all the stuff we don't know about politicians, good and bad.

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  11. He was a very interesting character who tried to do the right thing. We don’t see many (or any) like him today.

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  12. I liked Ross Perot a lot. He was soooo smart! I wonder how things would be different if he actually won.

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  13. Everytime I see him though I hear Dana Carvey saying, "it's gonna be a hoot-nanny"

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  14. Interesting about Ross Perot. Did not know any of that and only thought of him as a unique, often funny guy that made that year's election interesting. Didn't vote for him but enjoyed his participation.

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  15. Thanks for your research. We almost always forget the deep dig and the big picture.

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  16. wow that is quite impressive post dear Joe and you did great by sharing it with us

    knowing such rare and unique people is always a pleasure

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  17. I did not know that about him. Thanks for the info!

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