The stock market is having a panicky moment — but it’s not the first, and it’s not the worst

The Dow Jones Industrial Average took a 1,000-point-plus nosedive in the first few minutes of trading this morning before recouping some ground to finish at a still-miserable 588 points down. The rout, which some took to calling #BlackMonday, comes after the Dow tanked more than 300 points on Thursday then over 500 on Friday.

But the market’s rocky week doesn’t necessarily mean it’s time to hunker down for a financial crisis just yet.

“You can have any damn shift in the stock market that won’t have any effect on the economy,” said Ian Sheperdson, chief economist at Pantheon Macroeconomics. Read more…

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This stock market dive isn’t even close to the worst we’ve seen