David Rosenberg’s first day as a Wall Street economist was October 19, 1987 – Black Monday. This “baptism by fire” is a fundamental experience in his understanding of the financial system’s fragility. Speaking with Real Vision’s Maggie Lake, Rosenberg – now the president, chief economist and strategist of Rosenberg Research & Associates – explains the mechanics of one of the market’s worst crashes in history, noting that, ultimately, it was a liquidity-driven event. And that makes it particularly relevant today: Rosenberg expresses concern that the Federal Reserve is aggressively withdrawing liquidity into a recessionary bear market. It’s an even worse setup than Black Monday. And, as Rosenberg sees it, the other shoe has yet to drop. Recorded on October 13, 2022.