Former Federal Reserve Chairman Alan Greenspan is quoted at CNBC thusly:
"This is the worst period, I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away."
We do remember Black Monday. There was a lot of panic in the air, and many stock owners dumped their shares as fast as they could, if they could even reach their brokers. But history taught us that it was technical in nature, and while stocks were ready for a correction, the crash was way overdone.
But you know what? For every share of stock sold that day there was a buyer. As the saying goes, buy stocks when there's blood in the streets. And those buyers did OK for themselves.
So Alan, we welcome your advice. But the comparison with Black Monday seems a bit misplaced if you are trying to warn investors about something. And regarding Brexit, if it portends a freer marketplace then that has to be better ultimately than a command and control economy.