A Cup of Tea Without Milk, or Sugar, or Tea

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What happened to real crashes? I mean real crashes. When I was your age a financial crisis was a financial crisis. Kids today, they'd just never believe you if you told them about the Crash of '87, or LTCM. Today a hedge fund loses $6 billion and nothing happens. A nine decade old Wall Street mainstay collapses, banks write down $300 billion and people barely sneeze. VIX? Tradeable volatility? If we wanted volatility we'd walk home barefoot on broken glass and tell mom about dad's secretary's midnight call. We were lucky if we even had trading volume data back then. Yeah, we had chaos, but we were happy, I tell you.

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