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“The Financial System Was Within Hours Of Absolute Collapse”

from KingWorldNews:

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.

The first two-thirds of 1987 were nothing other than spectacular on Wall Street. From New Year to shortly before Labor Day, the Dow rallied a rather stunning 43%. Fear seemed to disappear. Junior traders laughed at their cautious elders and told each other to “buy strength” rather than sell it, as each rally leg was soon followed by another.

Art Cashin continues @ KingWorldNews.com

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