Event in 1998 was the collapse of the massive hedge fund Long term Capital and the Russian financial crisis.

The Dow then lost 1000 63 points, or 12%.

Then, in 2001 the September 11th attacks resulted in a 1200 point drop, also a 12% drop.

Then then the Big 1 2008 The financial crisis led to afford a decline in the Dow off more than 1500 points, and today it is the Corona virus and afford a loss now off more than 3200.

That really was her scent.

That was a big one for for some people.

But the big One was 1987. 00:00:51.050 --> 00:01:2.390 There wasn't really precipitated by any specific event other than portfolio insurance, combined with this vortex of future selling and 22% in a day 22% in a day. 00:01:2.510 --> 00:01:15.250 But I want to make a point about all of these in virtually every instance, there was a fire wall, and what I mean by a firewall was there was some kind of action that was taken to end the route.

The Fed announced different plans.

Treasury, in the case of 2008 announced seven plans back during long term Capital plans were made.

There were things that there was a new.

There was a piece of news which seemed to provides some semblance of confidence back into the market.

And so the question in this instance is, What could that piece of news be?

Or do we continue to go south and told that piece of news emerges?

We're on a Friday.

The Rebar is what you were gonna walk into this weekend.

Want to hold on to stock because there could be 1000 cases happen over the weekend, and I was going to be worse this week. 00:01:57.140 --> 00:02:4.970 But I've already I've already gone past that, and I've decided that this market has discounted a lot already. 00:02:5.940 --> 00:02:9.570 That's what I'm saying, even on even on a Friday, we are now.

I mean, we're looking at, like the possibility of having a negative GDP near term not sometime in 2020 and in China, but maybe a flat that zero was, if you really think that's gonna happen Look, I could give you lots of optimistic people that this this is what this is.

What was my symptoms?

Mild symptoms.

I read that.

It was like that should be good.

Now I know it's spreading it.

That's the problem is like if you have something that has very severe symptoms, right, it burns itself out because it kills the host before the other.

You could say still, the mortality rate that we're looking at we're not looking at with MERS.

You had a 35% Martin Avery with Sarge out of 10 for Zola.

What's out?

Ebola is a 90% mortality rate for advice ing it.

Look, I agree. 00:02:57.980 --> 00:03:2.840 I put some money into the S and P 500 yesterday because I thought, Okay, this is a big sell off. 00:03:2.850 --> 00:03:5.990 But I also think what happens if you start to see school closures? 00:03:6.000 --> 00:03:8.330 I mean, it's the human reaction, don't you think? 00:03:8.340 --> 00:03:9.240 I think we're in. 00:03:9.430 --> 00:03:15.660 I think the market already, you know, you're going to see school closures, But if schools don't close they're gonna be on the line.

So the whole protocol is you have to have a protocol.

So you tell me so.

Boats going out to corporations all over America saying nonessential international travel ixnay non essential domestic travel.

No good.

So then the question is, when does that kind of news roll?

Wait till you hear from the health office when you know, when you brought up long term capital, it's like heads fund goes belly up.

We're talking about a global pandemic.

I mean, it seems so much work and there is no magic bullet.

I mean, I could envision some type of some kind of some kind of therapeutic, but I'm trying to look at the rates is not gonna do it.

Probably not.

Kevin were Kevin Warsh on today for two hours to talk about the op ed that he wrote, which is great to have him today. 00:03:59.900 --> 00:04:2.450 But here's here's what One more thing doesn't make one more point. 00:04:2.940 --> 00:04:15.780 By definition, if you go 12% from the highs in the quickest time ever, the market is discounting something really quickly, and also I'm not looking for silver linings, although I think we shouldn't be all.

All gloom and doom necessarily but short, Sharp corrections typically are ones that are eventually settled by retaining a lot.