A negative Interest Rate environment that is toxic for banks so the stocks 600. 00 banks and x. Which covers major European Banks slumped 5. 7 percent on monday to close at 81. 00 just a smidgen above the mall 5 decade low of 79 set in march the last time before march that the index was below todays level was february of 1988 during the selloff that followed black monday in october 1987 when it also slumped as low as 79. 00 the index has collapsed by 85 percent since its peak and may 2007 after having quadrupled over the preceding 12 years its looking bad right i mean once again and the connections in 1907 black monday the crash of that here is very important because the solution then was to extend Bank Credit Facilities thats how. Greenspan Ronald Reagan and robert rubin the plunge Protection Team or the working group on finance the president S Working Group on finance decided that they would solve this problem by not punishing or reforming but expanding the credit line of these banks