The current situation in the markets reminds me a lot of fall 2008.
The Fed or Treasury would make a big announcement, markets would rally for 15 minutes, and then the free-fall would resume....
The Fed or Treasury would make a big announcement, markets would rally for 15 minutes, and then the free-fall would resume....
What I found most unnerving at the time was that I'd get late-night phone calls from senior Wall St executives. They often seemed a little drunk. I could hear the fear in their voices. They were worried their banks wouldn't be able to function the next morning.
This crisis is clearly different, but I imagine that right now there are a lot of senior executives out there -- and not just on Wall St -- who are getting pretty worried.
The inability of political leaders, central banks, etc to control the financial system is scary.
The inability of political leaders, central banks, etc to control the financial system is scary.
