Today was a walk in Park Bernanke compared to Black Monday in 1987, when the Dow lost 22% in one day. Most older readers will remember Louis Rukeyser and Wall Street Week. There was once a time when CNBC did not exist.
In the aftermath of the 1987 crash, Rukeyser commenced with the following, “Ok, let’s start with what’s really important tonight. It’s just your money. It’s not your life. Everybody who really loved you a week ago still loves you tonight and that’s a heck of a lot more important than the numbers on a brokerage statement. The robins will sing, the crocuses will bloom, babies will gurgle and puppies will curl up in your lap and drift happily to sleep; even when the stock market goes temporarily insane. And now that that is fully in perspective let me say, ‘Ouch’, and ‘Eeek’ and ‘Medic’. Tonight we’re going to try to make sense of mass hysteria, to look behind the Crash of '87 and most perilous, but most important of all, to look ahead.”
Appearing are Steven Einhorn from Goldman Sachs, William Shreyer Chariman of Merrill Lynch and Sir John Templeton. Below we have the other 2 clips that completed the broadcast. Guests are Marty Zweig, Allen Sinai and Louis Holland.