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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: el_gaviero who wrote (23948)1/2/2005 12:08:51 AM
From: Raymond Duray  Read Replies (1) of 110194
 
el gaviero,

Thanks for a thoughtful post, and like you, I admire the efforts that Russ puts into sharing his whizdumb with us yokels.

***
Re: in the fall of 1987. Those who lived through that event will remember that for all practical purposes the markets were shut down.

There is one huge difference between then and now. The PPT. The Plunge Protection Team has intervened in the market effectively, somewhat opaquely and when need arises. They aren't going away, making a 22% one-day meltdown such as occurred on October 19, 1987 an impossibility.

Of course the exchanges have imposed circuit-breakers which you correctly state will prevent some from unwinding unsavory positions in a timely fashion. But that seems a small price to pay compared with the unnecessary damage done by panic-tsunamis such as the markets endured in October, 1987.
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