The 1987 Crash

[@PBoyle]

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[@TheRebelMusick]

Hello Patrick, seeing you posting this Video about a Market Crash, do you see it crashing again in the short term? Regards!

[@112deeps]

Is it all about confidence and liquidity ?

[@noIMspartacus2]

LOL... "a turd of the value"... gotta just luuurv all this ponzi casino waffle BS... oops. sorry... "market" economics but, at the end of the day it all comes down to what Mr Einstein said... "The definition of (criminal) insanity is doing the same thing over and over again and then expecting different results"!!!!!!!!!

[@IamNiggler]

@@112deepsI'm gay daddy

[@billschannel1116]

I was in high school on this day and my electronics teacher said he had money saved up to put in the market when it dropped. He was excited on the day of the crash and ended up putting it in the next day. This made a big impact on me.

[@zippy-zappa-zeppo-zorba-etc]

I worked in a warehouse and one guy said he lost a lot of money that day, but made it all back within a year

[@ccrider8483]

I was in college at this time and a classmate told me that his father told him it was a good idea to walk as close to tall buildings foundations as possible the next few days.

[@federicoytbe]

Timing the market is a bad idea anyway.

[@piehamcake1]

What a OG

[@JohnChoidotOrg]

@@federicoytbe Unless you time it well like this guy's teacher.

[@quincylarsonmusic]

I always heard the cause of this crash was just “computer systems that weren’t yet ready for prime time” but now I see it was a whole confluence of events. Thanks for putting this in a historical perspective. And a global perspective. I had no idea HK and NZ were hit even harder than we were here in the US.

[@gogudelagaze1585]

Hah, small world :) Thanks for your work!

[@sunnohh]

Read Rick Bookstabers book a demon of our own design

[@nonyadamnbusiness9887]

Problems in system rarely have a single cause and never have a simple solution.

[@bogrunberger]

I love this old 80's footage from the trading floor. Trading back then looks super intense!!!

[@peaceonearth8693]

Here's another part for your atmosphere. Back in the S&P pit many guys wore steel-toe shoes to avoid getting smashed. Some guys wore racquetball glasses coz those cards with the sharp corners were incoming (whizzed in) to floor brokers. To make it there it helped to be tall and stout.

[@franciscodanconia4324]

I was 12 at the time. I remember one of my friends dad’s panicked on Monday and sold off everything, losing a ton of money, money which he would have gotten most back by Friday. Taught me a valuable lesson about patience and investing on dips.

[@boognish9869]

Lmfao. Had to solidify the L

[@1tents]

Another exceptional look at market history by Mr. Boyle. I’ll never forget that day in 1987. I leaned about greed, fear, and irrationality, and those lessons have guided me ever since.

[@PBoyle]

Thanks Tom!

[@gagnepaingilly]

Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. this could lead to economic downturns. We need to be prepared for potential market volatility. how can I secure my 250k portfolio against declining?

[@sommersalt88]

Everyone needs a Margin of Safety in their portfolios and just remember, It's time in the market versus timing the market.

[@84gaynor]

De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends.

[@84gaynor]

I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "JENNIFER LEIGH HICKMAN" I've worked with her for 9 years and highly recommend her. Check if she meets your criteria.

[@vivianloney]

Don't panic sell.

[@Onomatopoeia4u]

​@@84gaynor

[@dannybucks9133]

Timestamps: 0:18 History of Black Monday 2:02 Evens leading up to the crash and why it happened 3:49 Lavaraged buyouts 4:27 The day before the crush 8:15 October 19th New York Stock Exchaned had opened 10:26 Fidelity system involvement in the market crash 15:58 Other explanations for the crash 20:54 Trading on a day after the crash 22:45 How the crash affected on other markets 26:01 What Traders and Risk Managers learned

[@mickacher1765]

That helps a lot, thx

[@lucazlee9542]

thank you Danny

[@ednasalinas5568]

Thanks

[@coolbreeze5511]

Thanks for the stamps but you left out the most important timestamp of 5:36, when Tony Stark was moonlighting as a trader :)

[@noIMspartacus2]

LOL... "a turd of the value"... gotta just luuurv all this ponzi casino waffle BS... oops. sorry... "market" economics but, at the end of the day it all comes down to what Mr Einstein said... "The definition of (criminal) insanity is doing the same thing over and over again and then expecting different results"!!!!!!!!!

[@voidgeometry794]

"Wisdom is never given, it must be asked for." Thank you for your knowledge.

[@seymourclearly]

Except for that piece if wisdom, thank you

[@TheWolvesinthewoods]

My friend who worked on the floor of the NYSE lasted 3 years before he bought an organic farm selling lettuce and Cornish game hens.

[@NickanM]

It probably saved his sanity.... wise man.

[@billschannel1116]

@@NickanM I work with a lot of Cabbages now so I feel like I'm on a farm not an office.

[@dandruff3414]

Sounds familiar lol

[@Envoy_Intuition]

I find myself in a different industry but with similar goals in mind lol

[@billschannel1116]

@@Envoy_Intuition Your coworkers - Did you hear? Collin bought the farm, so sad.

[@SportsIncorporated]

I got stopped out of all my stocks on Black Monday 1987. What bothers me to this day is my stop limit orders weren't executed until each stock had reached its bottom. I got stopped out of Applied Materials. Which then went up 500 times. (Edit: Had I repurchased it, )All I had to do was wait 40 years.

[@peaceonearth8693]

Well, a stop order simply ELECTS another type of order. Elects means that it activates the second type of order that is in reality attached to the stop, that's just the inner working mechanics of stop orders. Reads like your stop elected itself into a limit order instead of the default market order. So, if the market had by this time (first electing the stop to activate the limit order), moved below your limit price. Your order would have gone unfilled. For example, if your limit was the number five as the lowest you'd sell for. But, the market zoomed below five into four then three, etc. Your limit order would not fill. Next time you use a stop for protection. Maybe just use a plain stop order and that will become a market order.

[@fulton560]

Stop limits don’t work that way. Someone has to be willing to buy. Under Norma market conditions it will trade close to the limit you set. A freefall will pass it altogether. Surprised it even triggered a sell at the bottom. A stop loss putting out a market order on a nosedive probably would have sold much lower than the trigger price as well.

[@noIMspartacus2]

LOL... "a turd of the value"... gotta just luuurv all this ponzi casino waffle BS... oops. sorry... "market" economics but, at the end of the day it all comes down to what Mr Einstein said... "The definition of (criminal) insanity is doing the same thing over and over again and then expecting different results"!!!!!!!!!

[@BasementBerean]

I was there as a very young professional. It started happening, as I remember, about ten minutes after market open. I actually got my IRA account out of the stock market completely before it started. My regular account rode it down. I have a picture of the crash on a Compaq 386 portable computer III.

[@Sinekyre14]

Thats amazing, and you kept the pc, wow

[@BasementBerean]

@@Sinekyre14 I kept the picture, not the pc, but thanks anyway. It's a picture of the deep vertical line on a stock graph from an early live stock market subscription service as it's being displayed on this computer.

[@Sinekyre14]

@@BasementBerean thats wild

[@manolokonosko2868]

I wasn't even aware of the crash at the time. I was 22 and working as a test technician at an electronics firm. They laid off some engineers and other people I had no access or motive to connect with. I got to keep my job. Working as a "soldier"in the tech field, and not as a "manager" has been beneficial to me in the long run. Companies need soldiers more than they need "generals", and this is how I was not fired from any job - only laid off once in 1991 - in the past 40 years.

[@LadyLadyLadyOscar]

at 5:36 a young Robert Downey Jr. fuzzy and bewildered at the floor pit of the exchange

[@gafakyusef6201]

Was going to post this 😂😂😂

[@michaelsullivan988]

I lived that. Things like that change your thinking permanently. Great video. You are one of my favorite youtubers.

[@Shannon_Vlogs]

I would love to see a 1929 version of this! Love your style!

[@Call_me_Engram]

He's not gonna talk about that one because if I remember correctly, it took 25 years for the Dow to go back to previous highs and finally break even in that occasion. That would ruin his narrative that everything goes up indefinitely and every crash happens mostly because of fear and not because of fundamental reasons. The crash in 1929 is the clear example that "stonk only go up" but sometimes you're not gonna live long enough to see that happen.

[@peaceonearth8693]

There were glass domes with ticker-tape machines inside that sounded like clicking sewing machines, or more truly like those old Morse code station keys, except steadier. Making the planked floors to be covered with streams of ticker-tape / confetti. The rooms had high ceilings and lazy fans which allowed stratas of cigar smoke to linger at all times. And, a fella could always get a drink once tipped to who's in the know for some. Usually any cigarette girl could tell you if she'd seen you around for awhile.

[@marcusdavey9747]

J K Galbraith’s The Great Crash of 1929” is good for that.

[@Shannon_Vlogs]

@@marcusdavey9747 Thanks! I will have to check it out!

[@kingtigercrownestate9102]

There are plenty of videos on 1929.

[@Danieldfr]

I just gotta say your sense of style is immaculate👌🏾 thanks for the knowledge Patrick 👍🏾

[@enilenis]

Thank you Mr. Boyle for exceptional content, as always. Too bad you weren't making internet videos 20 years ago.

[@billschannel1116]

You gave me a chuckle and made me reminisce, thank you. Back then in the computer space we all assumed a greater level of connectivity would be here by now. The whole purpose in doing what we were doing was to get at and provide information. We used to discuss what information we would like and how it could he shared. If you were in this space you might indeed have been thinking how to share this information in the future differently than 'today'. . I'm not conveying the grandness.... Many of the things we discussed have yet to happen.

[@helmutthat8331]

Nassim Nicholas Taleb's book "The Black Swan" is worth reading about this event and others like it. This level of price movement in one day was estimated at the time by financial engineers using bell curve models to be a "five sigma event"; or an event that was supposed to happen only once in every 30,000 years. However, in recent times, scholars have analyzed the history and found that these "once in 30,000 years" events have occurred 48 times in the history of the NYSE. In the past twenty years of the stock market, just ten days of abnormal skyrocketing stock market prices account for half the gains up until now.

[@wally9747]

if you account movement after close, oof

[@dansplain2393]

“7-10 books on the idea that markets can move much more than people realise”

[@MonzennCarloMallari]

@@dansplain2393 I loved that subtle dig

[@dansplain2393]

@@MonzennCarloMallari the fact Patrick pretends not to be able to count the books really got me

[@MonzennCarloMallari]

@@dansplain2393 the Taleb book I loved the most was the one where he spent most of the pages to respond to his haters, turning it to a virtual Twitter feed And by "loved" I mean "hated"

[@Simon-jj2pu]

I thought this was exasperated by the big 1987 storm in the UK which caused the insurance industry to go into panic due to the amount of claims coming in (at the end it was £2bn). The storm was 15-16 October 1987 with the first trading day, Black Monday

[@manishm9478]

Do you mean exacerbated?

[@Simon-jj2pu]

@@manishm9478 Autocorrect!

[@andrewkendall7814]

Yes, trading closed early in London on that Friday I believe. Due to transport disruption caused by the storm, few traders were able to get into work on Friday morning.

[@Hawking1969]

In the Crash of 1987, the Nikkei was at 22,000. It's now at 28,000.

[@poeticalvision]

And the Nikkei just had an even bigger 2 day drop than the crash of 1987

[@tapanginoya583]

Best analysis of crash i have seen so far

[@melissaberry8810]

Thanks for the special treatment of this topic, it’s one of my favorites!

[@jmm8021]

I was in high school and worked at Walmart back in 87. I remember the Walmart stock price board they had up by bathroom went from like 97 dollars to 20. I was new to stock prices but it left impression. Lol

[@TattoosAndGin]

This is the best, most understandable examination of this economic event. Best channel on KZbin, hands down.

[@graemeirvine7060]

Great update as always, but it left out the critical bit of how with most exchanges delayed openings on the 20th, the NY Fedsters were able to rig the Chicago MMI (Major Market Index) higher, it being the only market open before most of the others resumed trading. By pushing the MMI higher the Fedster's trapped most traders behind a rigged stock market rally with forced short covering to boot. It was some of the most interesting days of my then NYC commodities trading weeks. A wonderful time. Sadly, the markets have stayed mostly rigged ever since. Is the Great Nixonian Error of fiat money Great or what?

[@philipgoundrey3973]

Another excellent video! Could we have some more 80's analysis? Maybe the bond markets in the pits and at Salomon Brothers.

[@silent_monk]

Outstanding account of the crash. Thanks.

[@theminer49erz]

Although it's a little weird to say I enjoyed the video I do appreciate the information and the way it's presented a lot so I guess I did enjoy it it just seems weird to say I enjoyed a video about such a topic but I have been very happy with the videos of yours that I've seen. Thanks

[@theminer49erz]

Why isn't "scam or fake account" and option when "Reporting"? It's clearly a very common issue. I have a Bot reply to almost every one of my KZbin comments withing hours of it. Either posing as the content creator like in this case here(if it is even visible to others) or I have been getting the same exact seemingly nonsensical reply in 3 languages with links but by many different user account names.

[@deathrowskater72]

This had a feel similar to your Ponzi video. Love that video and this one!!

[@TheMrFishnDucks]

Super informative video. Keep up the good work.

[@georgestefanick89]

Wow thanks for sharing I learned a lot

[@anthonyyoung6489]

That was one of the most beautiful days of my life. I will never forget it. I was 9 years old.

[@CuriousEarthMan]

This was a great, in depth and detailed exposition of this crash. Thank you so much for your effort!

[@Jame6999]

Actually this is a good thing. Buy as much as you can. Think of it as a fire sale😅

[@creepycrespi8180]

The company I was working was cutting over a new telephone system on Black Monday. The cut was a disaster. System would power reset every 5 minutes or so. One of our techs said the market was down 500 points. That was on crazy day.

[@iMightyElephant]

Patrick posting this following the market violently falling is not concerning at all :)

[@catliath5384]

Priming for Monday or October…

[@tylertroy1696]

Another content swish. Keep trucking PB, we love it!

[@sonsautomotive]

Great depth on the subject

[@FinanceLore]

Great video Patrick, thanks for covering such relevant topics during these unstable times.

[@andreidoanca4262]

Thank you Patrick for these great videos you make!

[@artpena72]

i remember that day, i was in high school and every grown up i knew was in panic. Also, i didn't know RDJ worked in the markets back in the day, look at 5:36 mark.

[@jischneider]

It was indeed RDJ. Check "NYMEX Floor Trading" in KZbin

[@jasondehn2024]

Yeah I seen that, definitely looked like him.

[@User-pu3lc]

Did Patrick get a new camera? The video quality on this segment is amazing.

[@williamhoffer9277]

Great analysis!

[@countdown2xstacy]

“Those that fail to learn from history are doomed to repeat it.” Winston Churchill

[@tsijr915]

Awesome show. I only got the 2nd half but was informative.

[@trikoloko_SPFC]

Amazing as always. Thank you for the video.

[@jaimeeee8589]

Great video. I love the hand movement

[@Xiison99]

This is great. Thanks. But the Crash has many lessons and impacts that you still have not covered. Eg how it changed the options market? How the smile or skew happens and persist to this day? … Hope you talk more on these

[@spoddie]

I sold stocks on the Thursday(?) before Black Monday, iirc around $4000. It was a start up that was wiped out completely and didn't recover. No genius, but I'd had a run on it and thought I'd take the profit.

[@westvirginiaglutenfreepepp7006]

I appreciate you coming through and demystifying these things for us. So much of these ideas are super weird to me but you make it digestible and interesting

[@jchardymusictechnolagy]

Great job I really enjoyed this review of the crash I worked as a specialist clerk on the floor on oct 19th 1987 and retired from the floor in 2011 well done

[@1patula]

Huge kudos for a professional manner and knowledge!

[@MarkEm]

Thanks! This crash isnt understood widely enough!

[@Juttutin]

You're a great humourist. It's a shame when that only gets exercised in your choice of stock imagery. I miss the funnies in your script writing. That said, you're still awesome and I love and appreciate you and what I learn from your vids.

[@michellehavre6821]

Patrick is like a AI robot reporting to my query. So much knowledge and depth. Excellent video

[@PoneJ]

Thank you! Enjoy your content and analysis.

[@doncarlodivargas5497]

I remember the autumn of 87, here where I live the economy was booming and everyone got jobs anywhere, people was speculate on the stock market and buying real estate like crazy, everyone was doing it, (except me) I had began to school, and one day I was told one of my colleagues had committed suicide, I was shocked and did not understand, later in the autumn people started loosing money on their investment in real estate, my ex-brother in law had invested the families savings in real estate and lost ~50% and got divorced a little later, and next year, in the winter our teachers told us some earlier students had difficulties in getting jobs, and we did not belive our ears, even average students had usually had job offers in the envelope with their papers from school when they finished, when I finished in 89 there was not one single job anywhere, actually I was the only one getting a proper job, I think almost the whole country learned a harsh lesson from that crash

[@mattanderson6672]

Very very interesting!! Thank you

[@Mojo-IRE]

Another Great video.

[@Meitti]

Have to wonder if this had any delayed aftershock effect on the Finland's economic crisis of 1990. Finnish banks were handing out risky loans and doing risky speculations in 1987. Soviet Union collapsing in '91 made it even worse since trading with Soviets accounted to 18% of the GDP at the time. Children of that generation are called the "lost generation", they spent their childhood in poverty during Finland economic crisis in early 90's, and then 2008 crisis hit right when they were at ripe age of becoming the new generation workforce. The result of being hit by financial depression twice in key moments of their adolescence shows in more grim statistics, where people born in mid 80's to mid 90's have triple the amount of child abuse-, mental illness-, poverty- and alcohol-related problems, compared to people born before and kids born in 2000's.

[@incremental_failure]

From the south of the border perspective, looking at Finnish poverty of the 90s is quite amusing. Poverty in the Baltics of the 1990s doesn't compare, Estonia was near total collapse at around 1994, a Sri Lanka style collapse.

[@Dowent]

Thank you for highlighting that the main factor in pricing the product on the market are metadata from that market, not the underlying product.

[@commonsensetrading4103]

Greatly appreciated your video, very informative and relevant.

[@samsonsoturian6013]

This is a great example that the market is subject to the whims of the economy, not the other way around.

[@MSportsEngineering]

Love this detailed history dive

[@bitcoinski]

Thank you...I'm trying to prepare for the 2023 Crash...Cheers!

[@indianajones3315]

i agree about a 2023 crash, which means it will occur before this.

[@Cmdtheartist]

I was going to college in Brooklyn, my roommate and his brother, who were from upstate NY, said we should go camping. We drove up to their home, picked up some of their friends, drove past Lake George, and spent the weekend in the woods. On the return trip, the car broke down, and my roommate's brother and I took the train back to the city. We got back late, I spent the night on his apartment floor, and when I woke up the next morning, I turned on my Walkman (The 80's!) to hear what I had missed. The first thing I heard was that the stock market was crashing. All the guys living in that apartment worked on Wall Street, and I got out of there before they woke up. My roommate's brother ended up working as a ski instructor.

[@reeceshaw9717]

finally a decent video on KZbin about this crash

[@MarSemedo]

Great content really

[@maanavshuklaa]

Mind blowing explanation

[@spacewalktraveller1]

Thanks Patrick. I remember watching this on the news, I think I was about 18yo. I wasn't trading then but I new it was a big event. The real mess was the recession that followed a few years later. The time leading up to this was a big boom in the economy. All you heard about was how Japan was going to take over the world and how great Japan is. It was the time when the term yuppie was coined. There was a lot of young people making lots of money and everyone thought the party would keep on going. The recession in the early 90's hurt a lot of people. People think interest rates are high today, they are dirt cheap compared to back in the late 80's. It was one big mess.

[@Jame6999]

Jesus it's literally history ALL OVER AGAIN! BITCOIN, COVID, FED MONEY PRINTING, 2008.

[@Gutenmorgenside]

Great job Paddy 👍

[@damianchang6439]

What’s Robert Downey Junior doing on the Wall St trading floor (@5:37) I was in primary school at the time and vaguely remember seeing this event all over the news in the U.K.

[@jakelamotta7904]

Great video

[@benlamprecht6414]

Thanks for yet another informative and entertaining video

[@BGao3]

Wonderful analysis! Thank you so much, Patrick!

[@tycorp1971]

Is that Robert Downey JR at 5:35?

[@Recraw7]

Thank you for this video! Great one 👌

[@hotkeyafl]

A great explanation on a complicated subject

[@CaribouDataScience]

I remember when the DOW broke 1,000 and everyone went crazy.

[@jameskwon7617]

I had to laugh when that article cover was shown, about the impending doom from unprecedented borrowing. They had it right, but it really didn't hit the fan until 2007-2008. Now, let's see what the financial wizards will try to "securitize" to squeeze even more blood from the turnip.

[@MyNameIsChristBringsASword]

I woke up that morning to a significant earthquake. Later I suffered a flat tire in a bad part of Los Angeles and the lug nuts were frozen. Due to the earthquake the phone lines were down. That night the oil refinery near my home in Torrance exploded. I got married a few weeks later. Good times.

[@FirstLast-oo5ms]

Nice jacket and shirt. Even the pocket square looks good. Who dressed u

[@cyc00000]

That trading floor footage is nuts. was it really like this? or is that just stupid Hollywood BS?

[@Anti-Ratshield-vel-Antysystem]

Taking about 1987 "crash" without talking about Alan Greenspan is like talking about WWII without talking about austrian painter. And not talking about long term effects, is missing most important points.

[@marcdc6809]

Nice book on your table, 'Guns, Germs and Steel' by Jared Diamond. There's also 'Collapse'.

[@chestercheeto9768]

Thanks for the info hitman! Blending in well

[@tellmemoreplease9231]

Was the PPT (Plunge Protection Team) created about that time? Who was buying the stock indexes and where was the money coming from?

[@oathamfamily6051]

Love your videos

[@carlosmarrero6155]

Great video Patrick!

[@poppin2249]

Australia ended up in a recession not long after that. I worked as a housing interest rates officer in 1990, we were in recession. housing interest rates were 17.7% at the time.

[@leswhynin913]

The idea of portfolio insurance is interesting. I just dont understand how one can reduce the inherent equity market risk without taking on more market risk through the insurance itself. Then again, I did once buy SPY puts 😀

[@jimdavis6824]

once again Patrick. you have not done yourself and spoke the other truth about what happened and I learned a little something today thank you. it was really more in depth than I thought. it's coming from a one time trailer, professional trader, to a trade in my own account trailer.JD

[@jimdavis6824]

@@loupasternakYes sir.You are correct. Thanks for pointing that out to me. I really need to proofread my sentences.JD

[@catliath5384]

I remember seeing it in the 6pm news, too young to realize what happened really, but my mom said it was akin to the Great Depression, since her parents had to leave America because they lost jobs. Obviously not as bad as that was..

[@egal1780]

6:41 who doesn't know the perfect strategy, buy high and sell Low.

[@slovokia]

I vaguely remember that there were some pretty big changes in the interest rate on 10 year treasuries leading up to the 1987 market crash. The year started with the 10 year rate at 7% - it went up to 10% right before the crash.

[@danielhutchinson6604]

China began buying 30 year T-Notes in the 1990's and that seems to be about to be due to pay off for them? The declining GDP and the Debt seem a bit more difficult to overcome than the Star Wars spending that was going on in those days. The US was exporting some products and Grain in those days. Lately the failure of the LNG folks to live up to their $200 billion revenue gain, from extorting European consumers seems to have failed? We have weapons to sell, but who has cash to buy the elaborate systems, and who actually is threatening anyone, but the US? The 2008 events seemed to leave the nation with some economic issues that distributing Credit Cards to all who ask for one seems to have enabled even more Consumer Debt. "Could Be Bad." .....Troy Tschudi

[@bondisteve3617]

Interesting. Thanks.

[@aL3891_]

i cant help wondering how the trading floor actually worked in practice at that time, it always seem like its a ton of people shouting over each other and holding 3 phone receivers in their hands.. but like how did it actually work in practice? now everything is digital, so it makes more sense (to me)

[@DavidWilmotR]

There were two good documentaries, Floored (towards the end of open outcry trading, looking back) and a much older one, Open Outcry (early 80s). Both on the floors of the Chicago Mercantile Exchange and followed traders in their daily work, how it works, along with interviews with the traders, clerks, etc about their jobs. The exchange was really the last one to still have a trading floor. Lots of things I didn't know before watching them. For example, huge numbers of traders were directly trading with their own money for themselves, and not buying for a client, or trading for the desk of a bank/institution. So if they couldn't cover their losses, their pass was revoked, they couldn't get into the exchange, and their home and personal assets would be repossessed.

[@spike.strat1318]

Another little noted effect of the 87’ crash, Lou Pinella was sitting in the office of his restaurant “Sweet Lou’s pub” watching his investments evaporate. At that moment his phone rang, under undo financial duress, he accepted what he long considered the worst job in baseball, General Manager of the New York Yankees under George Steinbrenner.

[@loudfast1261]

I was on my own, 21 and living on an island of wealthy people and us working class islanders, some felt it more but what I learned was the insular nature of deep wealth and set me to trying to learn how to position against such threats. Among sudden real estate signs around the towns were those still ordering the various services offered to property owners, made sure I worked for whomever was involved w them a lot that year.

[@piscinaiv7937]

"Japan's Minister of Finance made some phone calls and the sell orders disappeared" man, I miss the old Yakuza.