Art Cashin – Lehman Collapse, Martial Law & Outright Panic

Friday, January 17, 2014
By Paul Martin
January 17, 2014

Today KWN is pleased to share an important piece from 50-year veteran Art Cashin, who is Director of Floor Operations at UBS ($650 billion under management). Cashin discusses the historic Lehman collapse, Martial Law & outright panic. Cashin also discussed an emergency meeting.

By Art Cashin Director of Floor Operations at UBS
January 17 (King World News) – “On this day in 1874, two brothers died in the same bed. You might expect that they were very close. Well these guys were. In fact, they were so close the public paid money just to view their closeness.

They were the Bunker brothers (not their real name but a name they had adopted, like most immigrants, when they came to America). The man to whom the public paid money to see said brothers was a certain P.T. Barnum. He introduced them under their first names, the ones they had been given when they were born in Siam. They were the original Siamese Twins, Chang & Eng – – joined at the side.

They surmounted a lot of difficulties. They even married two sisters (Adele and Sarah Yates) and produced over 21 children, 10 for Chang and 12 for Eng (no wonder folks paid to see them). Perversely (or maybe naturally), although they shared more than most siblings, they fought like hell. One even took the other to court to get a restraining order to keep the latter from pummeling his brother (the former). Chang loved to drink heavily, sing and tell jokes. Eng was sober and intense. But different lifestyles mean little when you are joined above the hip. When Chang died of a heart attack, Eng died hours later. They were buried under their given names but a mourning nation didn’t realize how important a question it was if they were buried feet up or head up. It was extremely important because of the names they had been given 63 years earlier. Chang meant “left” and Eng meant “right”.

Left and right were not necessarily the directions that traders had trouble with last week. And it wasn’t east and west either. The directions that baffled the markets were up and down. Ultimately, the Nasdaq made it back to the upside but the Dow and S&P remained stuck in down.

The Rest…HERE

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