Stock Market Prices Plunge - October 1987

The Dow Jones industrial average, the most widely followed barometer of stock market activity, suffered its three biggest one-day point losses ever during the first half of October. A decline of 91.55in the average on October 6, was attributed to concern over rising interest rates. On October 7, major banks raised their prime lending rates from 8.75 percent to 9.25 percent, the fifth increase of the year. The Commerce Department reported, October 14, that the U.S. trade deficit had shrunk to $15.7B in August, but it had been widely expected that the deficit would be much smaller. As a result, stock prices fell again, with the Dow Jones average declining by 95.46 points. On October 16, the Dow tumbled 108.36 points, the first time the Dow had lost 100 points in a single session. In terms of percentages, the declines of October 1987 were still substantially smaller than the disastrous declines of October 1929. By October 16, the Dow Jones average had slipped some 450 points below its all-time August highs.

Tornadoes Take 29 Lives - November 1989

Violent weather, including tornadoes, struck the eastern United States in mid-November and claimed 29 lives. A tornado cut through downtown Huntsville, Ala., November 15, killing 18 people and injuring 500. Outside Newburgh, N.Y. on November 16, a tornado struck the East Coldenham Elementary School and knocked down a wall in the cafeteria. Nine students were killed and 16 injured.

Martin Luther King Holiday Observed - January 1986

Martin Luther King Holiday Observed - January 1986

On January 20, for the first time, the United states officiallyobserve Martin Luther King Day. Events honoring the memory of the slain civil-rights leader began several days earlier. On January 15, his actual birthday, Pres. Ronald Reagan spoke to children at the Martin Luther King Jr. Elementary School in Washington, D.C. On January 16, King's bust was unveiled in the Great Rotunda of the Capitol in Washington; he was the first black to be represented among the many leaders whose statues and busts appeared in the Rotunda. Reagan met with Mrs. Coretta Scott King at the White House, January 17. On January 18, he spoke out against affirmative action quotas in hiring, recalling King's plea that people be judged "not by the color of their skin, but by the content of their character." On January 20, Mrs. King led a march through Atlanta, her husband's home town. Although most businesses across the nation did not close on the holiday, it was more widely observed by state and local governments and by school districts.

Communists Lose Grip on Czechoslovakia - December 1989

Communist domination of Czechoslovakia ended in December. In the wake of November's massive demonstrations, Premier Ladislav Adamec unveiled a new cabinet, December 3, but the opposition Civic Forum rejected it because 16 of the 21 positions were still to be filled by Communists. Adamec resigned, December 7, and Pres. Gustav Husak named Marian Calfa to replace him. The new cabinet, announced December 7, had only 10 (of 21) Communists. In conversations with the Civic Forum, December 8, the Communists agree to relinquish power. Husak, who had run the country for more than 20 years as Communist leader and president, resigned as president, December 10. A hard-liner, he had come to power after Russian tanks crushed a reform movement in 1968. Vaclav Havel, a dissident playwright, and Alexander Dubcek, who had headed the 1968 reform movement, both declared their candidacies for president. The Communist Party, December 20, replaced Karel Urbanek as its leader with Adamec. Parliament, December 28, elected Dubcek as its speaker and on December 29, it elected Havel president without opposition.

U.S. Observes Constitution Bicentennial - September 1987

The 200^th anniversary of the signing of the U.S. Constitution was observed, September 17. At the principal celebration, in Philadelphia, Pres. Ronald Reagan stood near Independence Hall and asserted, "In a very real sense, it was then--in 1787--that the revolution truly began." He said it was a revolution "to free man from tyranny of every sort and secure his freedom the only way possible in this world; through the checks and balances and institutions of limited, democratic government." Former Chief Justice Warren Burger, chairman of the Bicentennial Commission, struck a replica of the Liberty Bell. Floats and marching bands containing citizens from all 50 states paraded past Independence Hall. 

Economy Picks Up Steam - October 1986

Economic growth improved in the second quarter, the government reported in October. The nation's unemployment rate edged upward 0.2 percent in September to 6.9 percent, the Labor Department reported, October 3. The department, said, October 10, that the index of prices paid by producers for finished goods rose 0.4 percent in September. The Commerce Department reported, October 15, that retail sales has risen 4.6 percent in September, the sharpest one-month jump in the nearly 20 years that records had been kept. The department said, October 22, that the economy had grown at an annual rate of 2.4 percent during the second quarter, a big improvement from the first quarter. Inflation rose 0.3 percent in September, the department reported, October 23. The cumulative increase in the cost of living in the 12 months ended in September triggered a 1.3 percent increase in Social Security benefits. The Commerce Department reported, October 30, that the nation's trade deficit narrowed for the second straight month in September, to $12.56B. The department said, October 31, that the index of leading economic indicators rose 0.4 percent in September.

Huge Oil Spill Fouls Alaskan Waters - March 1989

The largest oil spill in U.S. history occured after a tanker struck a reef in Alaska's Prince Edward Sound, March 24. The Exxon Valdez struck Blight Reef, about 25 miles from the town of Valdez, the southern terminus of the pipeline that carried oil from northern Alaska. The tanker, which was off course, was being piloted by the third mate instead of by the captain, Joseph Hazelwood. Exxon Corporation announced, March 25, that it accepted full financial responsiblility for the spill, which was initially estimated at 240,000 barrels. The 987-foot tanker had been carrying 1,260,000 barrels of crude oil, some of which was being siphoned into another ship. Alyeska Pipeline Service Company, the oil-company consortium that operated the pipeline, had said that there would be a spill containment team at Valdez, but that turned out to consist only of a barge that happened to be in drydock with a hold in its side. A skimming technique removed only a small portion of the oil. Exxon announced, March 26, it was ready to deploy a dispersant, but winds up to 73 miles and hour, March 27, thwarted that effort. The economic and environmental dimensions of the disaster grew daily. The fishing industry was temporarily wiped out, and the pictures on television of dying birds and otters, soaked with oil, stunned the nation. Exxon said, March 28, that it was impossible to contain the spill. Valdez Mayor John Devens said, March 28, that his community felt betrayed by Exxon. By March 29, the spill extended 45 miles. On hearing a report from federal officials after their return to Alaska, Pres. George Bush called the spill "a major tragedy," but the administration decided not to take over the cleanup. Having tested Capt. Hazelwood, the Coast Guard announced, March 30, that he had an unacceptably high level of alcohol in his blood. The FBI opened an investigation into the spill, March 31.

Child Survives Crash Fatal to 155 - August 1987

At least 155 persons died as the result of a crash August 16, of a Northwest Airlines jet that had just taken off from Detroit Metropolitan Airport in Romulus, Mich. Miraculously, a 4-year-old girl, Cecelia Cichan, of Tempe, Ariz., survived. Her father, mother, and brother all died. The death toll was the second-highest ever for a U.S. plane crash. The number of persons aboard the plane was uncertain. Two persons were killed on the ground. The cause of the disaster was not immediately determined.

Severe Quake Hits Northern California - October 1989

One of the strongest earthquakes ever recorded in California struck along the San Andreas Fault in the northern part of the state, October 17. More than 60 people were killed and several thousands injured. Some 100,000 houses were reported damaged. The worst damage was San Francisco and Oakland, 75 miles north of the epicenter of the quake. Most of the deaths, more than 40, occured when the upper level of the double-decker Nimitz Freeway (Interstate Highway 880) in Oakland collapsed. The freeway was packed with rush-hour traffic at 5:04p, when the 15-second quake hit. In San Francisco, several fires broke out with the worst being in the Marina district, where a number of buildings were destroyed. Other cities that suffered heavily included Santa Cruz, where much of the downtown shopping district was leveled; San Jose; and Los Gatos. The tragedy struck just minutes before the start of the 3rd game of baseball's World Series between the Oakland Athletics and the San Francisco Giants at San Francisco's Candlestick Park. The game was cancelled and the crowd of 58,000 evacuated safely. The last survivor to be found, Buck Helm, a longshoreman, was pulled from the wreckage of the Nimitz Freeway, October 21. The U.S. Geological Survey said, October 24, that its estimate of the quake's intensity had been put at 7.1 on the Richter Scale, the 5th strongest of the century, though well below the impact of San Francisco's great earthquake of 1906. Congress, October 25, approved an aid package totalling $4.15B. The World Series resumed, October 27, and Oakland completed a 4-game sweep of the Giants, October 28.

Strong 1984 Economy Painted by Numbers - January 1985

Statistics released during January established that 1984 had been a very good year for the American economy. Data released on January 4, showed that sales of automobiles in the United States had risen 13.1 percent in 1984. The total of 10,358,166 cars was the highest since 1979. Some 76 percent of these were produced in the United States. The Labor Department said, January 9, that unemployment had edged upward in December to 7.1 percent from 7.0 percent in November. The Labor Department reported, January 11, that the prices paid by producers for finished goods rose only 1.8 percent in 1984. Continuing a trend, major banks again cut their prime rate, January 14, this time to 10.75 percent; the rate stood at its lowest point since August 1983. The Commerce Department reported, January 17, that construction in 1984 on 1.74M housing units, a 2.4 percent increase over 1983. The Department said, January 22, that the nation's real gross national product had increased 6.8 percent in 1984, the highest rate of gain since 1951. The Labor Department said, January 23, that the consumer price index had risen by only 4 percent in 1984, the third consecutive year of relatively low inflation. Worker productivity, a key factor in controlling inflation, rose 3.1 percent in 1983, the Labor Department reported, January 29. On Wall Street, the Dow Jones Industrial Average closed at an all-time high of 1292.62 on January 29. On the dark side, the Commerce Department said, January 30, that the U.S. trade deficit stood at $123.3B in 1984, far above the previous record of $69.4B reported in 1983. The Department said, January 31, that the index of leading economic indicators had edged downward by 0.2 percent in December.

Falwell Quits PTL Ministry - October 1987

The Rev. Jerry Falwell resigned as chairman of the PTL television ministry. A Federal bankruptcy court, October 7, rejected a reorganization plan submitted by Falwell and ordered creditors of PTL to submit their own plan. The ministry was more than $50M in debt. Falwell and the entire board then resigned, October 8.

On this day in 1985...

Thousands Killed in Mexican Earthquake - September 1985
A powerful earthquake sent deadly shockwaves through central and southwestern Mexico, September 19, taking more than 5,000 lives and causing widespread destruction. Heaviest devastation was in the capital, Mexico City. The epicenter of the quake was placed 230 miles southwest of the center of Mexico City. The quake measured at a high of 7.8 on the Richter Scale. A second earthquake, lesser in force but still severe at 7.3 on the scale, struck some of the same areas, September 20, that 250 buildings had been destroyed in Mexico City and 50 more had been damaged beyond repair. In the days after the quakes, more buildings collapsed. Rescue efforts concentrated on saving living persons trapped inside the wreckage, and thousands of people helped remove the rubble, using their hands, picks and shovels, and larger equipment where it could be employed safely. Tens of thousands of people were made homeless, and most of them had no choice but to live and sleep in the open. 

Swaggart Admits Sin to Congregation - February 1988

Speaking on February 21, before more than 6,000 at his Family Worship Center in Baton Rouge, Louisiana, Jimmy Swaggart admitted an unspecified sin and asked for forgiveness. In 1987, Swaggart denounced another TV evangelist, Jim Bakker, as a "cancer on the body of Christ" after Bakker had been linked to sexual misbehavior. Swaggart had also accused Marvin Gorman---who, like Bakker and Swaggart, was an Assemblies of God minister---of adultery. Gorman later obtained photographs of Swaggart taken by a private detective that placed Swaggart at a motel frequently used by prostitutes. Gorman handed over the evidence to the Assemblies of God. While it was not made public, the evidence was sufficient for Swaggart to admit an indiscretion, and for the local leaders of the church to bar him, February 22, from the pulpit for three months and impose a two-year period of rehabilitation. Swaggart conducted the country's most popular religious broadcast, which brought in donations of $150M a year.