Payne's Perspective: October 20, 2025: Orson Welles & Power of Mass Hysteria

10/20/2025
By Charles Payne CEO & Principal Analyst

On October 30, 1938, Orson Welles and his Mercury Theater Company performed H.G. Wells' “The War of the Worlds” on the CBS Radio Network. The show began at 8 p.m., with typical introductions and announcements. However, a large swath of the nation was watching Edgar Bergen and his dummy, Charlie McCarthy, on NBC. My parents changed the channel at 8:12 p.m., when the act ended and a little-known singer began performing.

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For those who tuned into the Welles’ presentation, the invasion of ‘The Martians’ was an authentic broadcast, and it sent the nation into a panic.

Although we are not at the same level of hysteria in the stock market as the nation reached on that faithful October evening, the nonstop talk of doom has begun to take a toll on investor psychology.

Coupled with the natural sense that things have been “too good to be true,” or the market is “due to pullback,” and it's easy to see why skittishness is rising.

Initially, sharp swings in fear and bearishness prove there isn’t irrational exuberance in the market.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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