Lessons from ‘87: Bulls, Bears, & Crash-Tested Strategies 10/19/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 19 October 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

It has been 35 years since the October 1987 Black Monday market crash, still the record for Wall Street’s worst single-day stock plunge: a 22.6% drop. Wall Street veteran and Merrill Wealth Management President Andy Sieg reflects on the lessons investors can glean from market history. State Department official, Special Presidential Coordinator for International Energy Affairs Amos Hochstein, discusses President Biden’s plan to release more crude oil from the U.S. Strategic Petroleum Reserve and the White House strategy to ease gas pricing pressures on American consumers. Plus, the IRS is answering inflation with changes to your tax bracket, and Netflix is taking a stand against excessive password-sharing…but how many shares are too many? In this episode: Amos Hochstein, @amoshochstein Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.
0:08.0	A stock rally 35 years after the market's infamous Black Monday.
0:13.5	Veteran Andy Sigg from Merrill.
0:15.4	1987, since then, we've had four declared recessions.
0:18.6	We have five times where the market's drawn down more than 20%.
0:22.4	Nevertheless, markets are up more than 20% Nevertheless, markets are up more than 20fold.
0:25.0	And President Biden planning a release of more oil from the U.S.
0:30.0	Strategic Reserve, the administration's energy whisper almost
0:33.2	Huxstein. With everything that we're seeing of what Russia is doing in
0:36.8	Ukraine I think this is the time for us to increase production at home.
0:41.2	His reassurance from the White House North Long. There's no imminent
0:44.6	threat of oil collapse. Those stories, plus inflation's prompting some
0:50.0	tax changes from the IRS. Good news if you die this year.
0:53.7	And Netflix is surging, but the days of sharing
0:57.0	your friend's ex-boyfriend's dad's password
0:59.3	might be over.
1:00.3	There are more than Will Smith's six degrees of separation people using these
1:04.1	passwords crazy
1:06.2	It's Wednesday October 19th, 2022 squawk pod begins right now
1:10.8	Stand Becky by in three, two, one, fuel please.
1:16.0	Good morning and welcome to Squackbox right here on C.
	...

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