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Why today’s Wall Street crisis is unlike 2008
The Street
Follow
5/18/2025
Market historian explains why today's market environment is especially unusual.
Category
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Sports
Transcript
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00:00
I think what's unusual about the period we're going through today, which in some ways makes
00:05
it even more challenging than a lot of those past crises, is just the kind of uncertainty
00:11
about how things are going to play out.
00:12
And the fact that there really is a difference in philosophies between different people who
00:17
are in government and operating in the markets.
00:20
In the financial crisis, you had the sense that everybody was sort of rowing in the same
00:23
direction.
00:24
I remember every Sunday night it seemed like you wanted to watch the news because there
00:27
was going to be some new announcement.
00:29
It was some new government program, some new sort of government lending or stimulus
00:33
or something like that to try to get the economy going again.
00:37
This time around you've got this kind of tug of war between those who think that we need
00:42
to have very substantial tariffs and really change the way the global trading system has
00:46
worked and those who are hoping that we really don't do too much to that trading system.
00:52
I think how that plays out is really difficult to figure out, in part because my book really
00:57
chronicles the 40-year period where Wall Street went from a very, very small place when I
01:02
graduated from college to a very large one today.
01:04
In that period, the Dow Jones Industrial Average went from under 1,000 the day I graduated college
01:09
to 40,000 today.
01:11
I think you could call that period a period really of globalization.
01:16
You saw the European Union come together, you saw the Berlin Wall fall, you saw China get access
01:21
to the World Trade Organization, you saw trillions of dollars of M&A, the kind of thing my firm
01:26
did, that caused national and global enterprises to be built.
01:30
And if all that has to be to some degree unwound because we're not going to be a fully integrated
01:36
global economy, I think there's real questions as to how that plays out for markets and for economies.
01:41
So I think there's a lot of things that I've been doing.
01:46
I think there's a lot of things that I've been doing.
01:48
I think there's a lot of things that I've been doing.
01:50
I think there's a lot of things that I've been doing.
01:52
I think there's a lot of things that I've been doing.
01:54
I think there's a lot of things that I've been doing.
01:56
I think there's a lot of things that I've been doing.
01:58
I think there's a lot of things that I've been doing.
02:00
I think there's a lot of things that I've been doing.
02:02
I think there's a lot of things that I've been doing.
02:04
I think there's a lot of things that I've been doing.
02:06
I think there's a lot of things that I've been doing.
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