And I think percentages are a better way of looking at it. But I there s a bigger difference. Back in 87, when the market fell apart, it really did, as you said in the introductory piece, fall apart, the plumbing, the infrastructure of the market, started to break down. I mean the clearance and settlement system, the way people pay for their stocks, didn t work very well. Communications broke down.
People couldn t get through to their broker.
Specialists, who make markets on the New York Stock Exchange, some of them ran out of the capital, so the things that make the market work in an orderly way fell apart. It became disorderly, and that was a big difference. That s really what marked 87, not that the market went down, because markets are going to go down from time to time for sure, but it went down in a completely chaotic way. And back in the fall of 87 it was well over 20. In the fall of 1929 it was well over 20, and today it s well over 20, compared to a historic norm of 14 to 1.