The Russian ruble's dramatic fall on Tuesday may have triggered memories of 1998 for some—when a currency crisis caused Russia to default on its debt—but veteran trader Art Cashin isn't sold on the comparison.
From the collapse of hedge fund Long-Term Capital Management to fears of the Y2K bug, investors had a whole lot more to worry about in 1998, said Cashin, UBS' director of floor operations at the NYSE.
"There's a lot of different things," Cashin said on "Squawk on the Street." "It's not quite as leveraged as it was. If you remember we had kind of a cascading waterfall effect then. You had the Thai baht, then you went into the Russian ruble, and Long-Term Capital Management. ... And in the meantime the Fed was petrified of Y2K. So you had all that stuff coming together."