Flashbacks to 2008 | What Goes Up
March 24, 2023
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38:50Now PlayingFlashbacks to 2008 | What Goes Up
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as posted by the channelWhen Steve Sosnick recalls 2008 and tries to make parallels to the current turmoil in the banking sector, one memory sticks out: riding the elevator with Thomas Peterffy, founder of Interactive Brokers, who offhandedly asked him “what’s new?”
“And I said, ‘what’s really interesting to me is the story that I’m reading this morning about how Bear Stearns may have as much as $20 billion in losses at some of their hedge funds,” recalled Sosnick, who’s currently chief strategist at Interactive. “And he said, ‘what’s their market cap?’ And I said, ‘I think about $20 billion.’”
“‘Are you telling me Bear Stearns is broke?’” Peterffy asked. Sosnick recalls saying, “‘I guess I am, aren’t I?’”
Sosnick joined the What Goes Up podcast to discuss what lessons from the 2008 financial crisis can be applied today. Though the current predicament isn’t similar to that period—banks are in much stronger positions and the economic backdrop is vastly different—it’s important to keep lessons learned in mind, he says.
“They say history doesn’t repeat, but it often rhymes,” Sosnick says. “And I think there’s a certain rhyme to it, but we’re not there yet. And I certainly hope we don’t get there.”
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Hosts Mike Regan and Vildana Hajric are joined each week by expert guests to discuss the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.
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