So it’s March 10th and it’s the day after the stock market crash the Dow. Was down over 2,000 points oil creature to $30 a barrel.
Or so the ten-year bond went to below 0.5% what the heck is going on I told you many years ago if you if you stick around long enough you’ll see everything. In markets and and it may have taken me to 89 two years of age to throw this one and the end.
The end of the experience but you know the markets if yet if you have to be open second by second they react the news in a big. Time way I mean it’s not like the market for real estate or farms or and you know things of that.
Sort so you have to have a price if the swimming of course we hit the circuit breaker yesterday but you know it’s so was it wasn’t October. 19 1987 but but it was a it was a sign it was an invitation anyway and the combination actually of the of the coronavirus and and what happened with oil over the week I. Mean that is that’s a big one-two punch does this remind you of any other time well I’ve certainly been that a lot that’s. A fair number of times when panic has reigned in Wall Street and October 19 1987 and. Period around it I mean it was there was panic on at the close of business on Monday October 19th most of the specialist.
Firms which were important in those days of the New York Stock Exchange were broke and and the next morning there was a check. To the Clearing House in Chicago that didn’t get there and and sometimes late in the morning. You know a decision I think if a lender made the decision you. Know we’re gonna stay open but but it was really close. Now that was and of course the financial panic there were you had 35 million people on September 1st that weren’t worried about at.
All about their money market accounts on September 15th or 16th they were all what year was that well I was. That was 2008 2008 absolutely 2008 and you literally had three and a half trillion in money market accounts which people regarded as. Equivalent of cash or bank deposit that was half the amount of all the insured bank deposits at the country but these weren’t insured and. Literally I remembered because then all my friends have money mark cuz I didn’t have one but I was at a party and nuts and a a birthday party and that’s all they talked.
About I suddenly became very popular I was like a sports girl or something for a very brief period of time and and of Hank Paulson they they had a hundred and. Seventy five billion of withdrawals in a few days that’s when I think anybody that knew what was going on panicked basically and Hank Paulson. Did the very gudy thing abusing I think the exchange Stabilization Fund that. Was set up in the 30s because of the revaluation. Of gold it had nothing to do with us but he stepped in and and three and a half billion dollars. Worth of deposits fell or trillion I should say of.
Deposits felt a whole lot better that if that move hadn’t been made because those funds held all the commercial paper and you couldn’t. Roll commercial but everything had come to a stop and that was much more scary by far than anything happened yesterday.