Passport’s John Burbank: “The Next Crisis May Look Like A 1987 Crash”
by Tyler Durden
ZeroHedge.com
08/17/2014
Asked what could happen during the next crisis, John Burbank’s response: “it could fall fast”… “there is the possibility of a 1987 dislocation that does not reflect long-term economic stress but could reflect illiquidity in the market.” His conclusion: “When there is a signal to sell, there won’t be a lot of buying.” That is assuming selling hasn’t been made illegal by then or, as the recent bankruptcy of Banco Espirito Santo showed, if and when the time to sell comes, all sellable stocks are suddenly halted indefinitely while a committee of conflicted banks decides behind the scenes that no event of default has actually occurred.
The Rest…HERE
