NYC was devastated.
By the crash in 1987?
I worked for Banker's Trust and we already knew Friday evening what had happened
What happened on Friday?
I was told on Monday morning that by Saturday no major Firms were going to bail out any other firms.
Which firms needed a bail out?
but everything in the work place changed after that Saturday.
On the Saturday that the market crashed?
NYC was devastated by the crash in 1987.
On Friday, the Dealers involved in non-US investments were already aware their money was invested in Toxic Instruments.
Almost every Banking Institution had invested in the emerging Global Economy.
Many banks, in fact, collapsed and were merged into the Big 6 or so of today.
Prior to the 1987 crash there were way more banks than Citibank and Chase Manhattan that you could spit out in a sound bite without thinking twice.
The same for the Top 8 Accounting Firms that almost overnight became the Top 4 Accounting Firms.
On Monday morning following the crash virtually all of Manhattan started working way past 9-5.
People were terrified of being laid off due to taking a lunch break.
Fast Food Restaurants, Fine Dining, electronics stores, hardware stores, record stores...all vanished within 3 months.
Manhattan became a ghost town.