Black Monday?

Not quite. Not yet. For the week, we are "only" down about ten percent. In the 1987 crash the market lost a little more than twenty-two percent of it's value. However, the Fed boys are surely, and rightfully, concerned by the thought that the Great Crash of '29 was preceeded by a week of almost equally dramatic drops in market value. The Fed's announcement respecting liquidity today is clearly their attempt to rally the Mob, like Richard Whitney's famous walk in 1929. Of course, they probably also remember that Whitney's effort ultimately failed and that he himself eventually became known less as "Wall Street Financier" and more as "model prisoner".