30 years ago this week, after the dust settled in the largest stock market crash in history, President Reagan wrote a letter to The New York Stock Exchange members…
“During the extraordinary events of the past few days, the New York Stock Exchange has managed to maintain its usual high standard of operational performance.
“The calm, professional manner of dedicated men and women of the Exchange, its member firms and the Securities Industry Automation Corporation striving to meet unprecedented challenges undoubtedly helped assure investors of the soundness of the institution.
“In the age of computers, we often fail to appreciate that the heart and soul of any endeavor is people. The floor clerks, the operations and processing personnel, the P and S clerks, the margin clerks, the brokers — and all the rest of you — deserve our sincere and grateful thank-you for an important job very well done.”
With humans even more removed from any actual market-making, who will provide the ‘heart and soul’ to rescue the markets this time? The Fed?
h/t Art Cashin
Perhaps Elon Musk’s anxiety over AI is warranted and Reagan saw it coming?
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Author: Tyler Durden