The Coronavirus Nearly Broke the Financial Markets

A must-read from the Wall Street Journal:

“March 16 was the day a microscopic virus brought the financial system to the brink. Few realized how close it came to going over the edge entirely…”

“The financial system has endured numerous credit crunches and market crashes, and memories of the 1987 and 2008 crises set a high bar for market dysfunction. But longtime investors and those who make a living on Wall Street say mid-March of this year was far more severe in a short period. Moreover, the stresses to the financial system were broader than many had seen.”