Remember it like it was yesterday...
Nice thing about a good crash is that people do remember it (for awhile) and don't do such stupid things.
You know, like lending trillions to people who had no chance of ever paying it back. You know, like buying an apartment in Phoenix for $1 million. You know, like having no oversight of mortgage brokers and realtors as they conned America. You know, like doing massive insider stock sales (while having their company buy back stock).
Happy 20th Anniversary, Mr. Stock Market Crash. How's today's market lookin' to ya?
After '87, today's fear is the mini-crash
20 years after the Dow plunged 22% in a day, Wall Streeters aren't too worried about a repeat. But what about a smaller version of that disaster?
NEW YORK (CNNMoney.com) -- A lot of Wall Streeters are reminiscing this week about where they were during the 1987 crash. The more recent tumult - in 2001 and even earlier this year - gets lost in the chatter.
The combination of circuit breakers instituted by the NYSE, and the Federal Reserve's willingness to intervene, means a crash on the level of Oct. 19, 1987 - in which the Dow plunged 22.6 percent on a 508-point loss - probably won't happen again.
But that doesn't mean the market won't - and hasn't already - experienced severe mini-crashes that crush investors and roil the markets for days or even weeks at a time.