七十年代的石油危機，通脹， beginning of a \'lost decade\'

The 1973–1974 stock market crash was a defining, brutal bear market where the S&P 500 plunged over 40-50% and the Dow Jones Industrial Average dropped over 45%. Triggered by the 1973 oil crisis, high inflation (12%+), and the Watergate scandal, it marked the beginning of a "lost decade" of low nominal returns and severe negative real returns due to inflation.