NEW YORK – If you look at the way the financial system has shown its resilience in the last 5 or 6 days it is quite extraordinary. The Bond Markets opened in 48 hours, and now the Stock Exchange has re-opened.
All the securities firms and banking institutions are participating, cooperating with each other, and the Fed has reacted this morning cutting interest rates by 50 basis points. Clearly the financial system is tremendously resilient. Investors around this country should have a lot of confidence in their financial institutions.
For the next 40 hours it is critical for financial advisors to be calm when guiding investors and help them through the overflow of information they are receiving. Investors need to understand that you invest based upon discipline, financial discipline, not based upon an event.
Merrill Lynch is a global institution that has had to relocate 9,000 people in the last five days, 90 percent of those people are sitting in offices this morning and have been successfully relocated. They have a number of facilities around the New York region and New Jersey. Merrill Lynch is open for business.
