Everyone these days seems to have one word on the tip of their tongues: Watergate.

In the 1970s, the U.S. stock market endured one of the longest and most brutal bear markets in its history. After the Dow nearly topped 1,000 — topping out at 990 — for the first time in 1966, it would not regain this level on a closing basis until 1982. It would never trade below that level again.

In 1979, BusinessWeek famously published its cover declaring the “Death of Equities.” Inflation was running in double-digits while unemployment rose as “stagflation” riddled the economy.

In the months around Watergate, there was certainly political turmoil for investors to worry about, but the economic headwinds were far more problematic for the stock market, which endured one of its worst stretches in history.

From the start of 1973 through Nixon’s resignation in August 1974, the S&P 500 fell about 50%.

View photos The S&P 500 endured a brutal 50% drop during 1973-74. (Source: Yahoo Finance) More

During this period, the economy was on its way into recession. After economic growth hit an annualized rate of 10.2% in the first quarter of 1973, economic growth rates hit -3.3% in the first quarter of 1974 as the economy entered a recession from which it did not emerge until the second quarter of 1975.

View photos The economy was mired in recession as the Watergate scandal broke. (Source: FRED) More

Inflation, meanwhile, was running in the double-digits. Consumer prices rose 3.6% from the prior year in January 1973. One year later, inflation was running at 9.6% year-on-year; by November 1974, inflation was up 12% year-on-year. Unemployment, meanwhile rose throughout 1974, eventually hitting 9% by May 1975.

View photos Stagflation gripped the economy during 1974-75. (Source: FRED) More

Oil prices, meanwhile, rose from $3.56 a gallon in January 1973 to $10.11 a year later as OPEC members imposed an oil embargo against the U.S. in response to U.S. involvement in the Arab-Israeli War. Adjusted for inflation, this sent oil prices from about $20 a barrel to north of $50.

View photos Oil prices spiked in 1974. (Source: FRED) More

Following The New York Times’ Tuesday evening report that President Donald Trump asked former FBI director James Comey to end an inquiry into ties former national security advisor Michael Flynn had to Russia, investors are wondering when the chaotic headlines coming from the White House will stop.

And this report comes just a day after The Washington Post reported Trump revealed “highly classified” information to Russia’s foreign minister. On Wednesday morning, The Wall Street Journal editorial board wrote an op-ed criticizing Trump for this latest series of reports, which puts his actual agenda on things like tax reform and infrastructure in danger of never coming to fruition.