It is said that’s when something happens in your life that’s very memorable, like the Challenger explosion or the death of President Kennedy or 911 you remember exactly what happened and vivid images. Well I was a stockbroker at Prudential Bache in Fort Lauderdale Florida in 1987. I remember that day well when the market crashed. we had computers on her desk but they were nothing like what we have now obviously, and they were programmed for a stock market that was running around 2,000. when it crashed below 500 the programmers had never envisioned it to do that so they all went black. We were blocked and our clients will calling us hysterically.
in today’s numbers it would be like a stock market Fall of 3,000 points in one day. I loved that job until that day. I helped a lot of customers try to save some of their wealth. But the business changed at that point and within a year I had quit being a stockbroker. Many of my fellow brokers work doing things that should never be done to clients. Much of the hierarchy of Prudential-Bache went to jail, including its president, and for good reason.
So we can we are repeating history oh, it feels like I’m in a Time Warp, between the similarities with Watergate and now the stock market.
There is an expression in politics that says “it’s the economy stupid”, so correct. So I hope and pray that this is not going to happen to us but with the government shutdown, the ridiculous tax increases for the wealthy, trade Wars I don’t see a very Rosy future for our economy. More than any thing that Michael Cohenn could say.