The "money" was not there. Each share of stock or each unit of similar financial instruments had value based on the prices at which those shares had been sold/bought at the most recent such transaction. When there were more sellers than buyers, the share price dropped. Suppose that rural land near you was typically selling for $3000 per acre. If suddenly most of that land was offered for sale, the price per acre would drop because there would be too few buyers to sustain the previous price level. For financial instruments, the price per share dropped. That is where the "money" went. There are some bargains out there now.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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