We have never seen so much stock market wealth get wiped out in such a short period of time.  Unfortunately, many major players on Wall Street that made a ton of money on the way up were not prepared for a rapid reversal of this magnitude.  In an article that I posted on Friday, I wrote that "a lot of financial institutions that are deeply overextended" could quickly "find themselves in a tremendous amount of trouble", and that is definitely turning out to be quite accurate.  All of a sudden, hedge funds are being hit with absolutely enormous margin calls, and this threatens to create a "doom loop" which could potentially push stock prices a whole lot lower.

The panic that we are witnessing on Wall Street right now is very real.

Since January 17th, more than 11 trillion dollars in stock market wealth has been wiped out.

In fact, a total of 6.6 trillion dollars in stock market wealth was wiped out on just Thursday and Friday…

Roughly $11.1 trillion has been wiped away from the U.S. stock market since Jan. 17, the Friday before President Donald Trump took the oath of office and began his second term, according to data from Dow Jones Market Data.

Some $6.6 trillion of that figure was lost on Thursday and Friday alone — the largest two-day wipeout of shareholder value on record, Dow Jones data showed.

We have seen larger percentage drops over the course of two days, but in dollar terms we have never seen stock prices drop as much as they did during that two day period…

Markets have seen bigger percentage drops, such as in 1929 when they tumbled 25 percent over October 28 and 29 that year, but never as much in dollar terms.

This was truly historic.

And now a lot of people are concerned that we could potentially see a "Black Monday" and a "Black Tuesday"…

The selloff that followed President Donald Trump's "Liberation Day" tariff announcement was large by any measure, a Black Thursday and a Black Friday. If they are followed by a Black Monday and Tuesday, then everyone is in trouble.

Hopefully global financial markets will start to stabilize soon.

But it certainly hasn't happened yet.

During an interview with CNN, Agriculture Secretary Brooke Rollins openly admitted that the White House knew that there would be "uncertainty"…

"The idea that we didn't know that there would be some uncertainty just isn't true," Secretary of Agriculture Brooke Rollins said on CNN's "State of the Union." "We knew there would uncertainty."