Today KWN is pleased to share an incredibly powerful piece which exposes the frightening fact that “the financial system was within hours (and a few phone calls) of an absolute collapse.” This masterpiece from 50-year veteran Art Cashin, who is Director of Floor Operations at UBS ($650 billion under management). Not only does Cashin write about how close the system was to complete collapse, but he also describes his firsthand experiences from that frightening moment in time.
October 21 (King World News) – “On this day (-2) in 1987 (that’s 26 years ago, if you are burdened with a graduate degree), the NYSE had one of its most dramatic trading days in its 220 year history.
It suffered its largest single day percentage loss (22%) and its largest one day point loss up until that day (508 points). No one who was on the floor that day will ever forget it. While it was an unforgettable single day, there were months of events that went into its making.
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