October 19, 1987 – Wall Street Lays Another Egg.
Click on the link here for Audio Player: News for October 19, 1987
“Not since Black Friday in 1929”, “The worst single-day drop in history”, “the bottom has fallen out”. That’s what this day in 1987 sounded like, or at least most of it. A 500-point drop in the Stock Market signaled widespread panic all around the world, as financial institutions and investors scrambled to recover plunging losses.
President Reagan, like Candidate John McCain in 2008 remarked there was no reason for the drop, that all indications were the economy was healthy. Clearly, a lot of questions were being asked to go along with the hang-wringing.
Until 2008, this was the worst day on record.
Perhaps you remember it?
- 1987 Crash as seen through TV (ritholtz.com)
- Wall St. Tanks on Black Monday (October 19, 1987) (thestarryeye.typepad.com)
- Black Monday Echoes With Computers Failing to Restore Confidence – Bloomberg (bloomberg.com)
- Lessons from the 1987 stock market crash, 25 years later (cbsnews.com)
- U.S. Economist Stephen Guilfoyle Weighs In on What Lessons Can Be Learned From the Stock Market Crash of 1987 (5min.com)
- WSJ Reporters of Two Generations Remember 1987 Crash (blogs.wsj.com)
- Déjà vu: Could Black Monday happen again? (business.financialpost.com)
- The stock market crash of 1987 (bbc.co.uk)
- MarketBeat Podcast: Remembering the Crash of 1987 (blogs.wsj.com)