I walked up the driveway to the front door and rang the door bell. This was a package the receiver needed to sign for. The door opened and a very attr...ctive, well built young middle aged woman, probably not much older than 40, answered the door. She asked me to come in. I generally don’t go into peoples houses but she was persuasive and I had no reason to believe anything might happen. As I stepped through the door she closed the door behind me and stood in front of it. She was wearing a very. Meaning that the market wasn’t overwhelmed and didn’t shut down. So, the price of every stock tumbled – for an hour. One or Two minutes later, when the options expired and the market was closed, the price declines ended.Because of the put options, the banks had to buy back all the stock they had sold. They sold at (in our example) $50, $49, $45, $40, whatever price they could get – they had to buy it all back at $50. They lost money by the shiploads.The net result was billions of dollars. More

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