NBR Second Look: Black Monday
New York bureau chief Scott Gurvey remembers Black Monday in a blog entry. Read his thoughts & post your comments. 
Gurvey's Public Offering - October 19th
It was a hell of a day. Actually, the days before and after October 19, 1987, were hells of a day as well. The most vivid memory I have of “Black Monday,” twenty years ago, is of standing in... + More
Twenty years ago, on October 19, 1987, Wall Street experienced one of its worst meltdowns. The Dow Jones Industrial Average plummeted 508 points, more than 22%. It was the biggest margin loss for the blue-chip index since the 1929 crash that helped spark the Great Depression. October 19, 1987 is now known as Black Monday.
NBR invites you to take a second look at this important moment in American financial history. Watch the NBR broadcast from October 19, 1987. Read New York bureau chief Scott Gurvey's blog entry about Black Monday, and explore our resource links to learn more about the topic.
Black Monday Broadcast
October 19, 1987
From the NBR Archives: Dean Shepherd, Linda O'Bryon, and Paul Kangas anchor NBR's broadcast on October 19, 1987. (Total Running Time - 25:00 approx)
Scott Gurvey Interviews John Phelan - Part 1
October 16, 2007
More of Scott Gurvey's interview with John Phelan, who was chairman of the New York Stock Exchange during the Stock Market Crash of 1987. This segment focuses on October 19th and the calm before the storm. (Total Running Time - 6:00 approx)
Scott Gurvey Interviews John Phelan - Part 2
October 16, 2007
More of Scott Gurvey's interview with John Phelan, who was chairman of the New York Stock Exchange during the Stock Market Crash of 1987. This segment focuses on October 20th and the eye of the hurricane that began on Black Monday. (Total Running Time - 6:00 approx)
Scott Gurvey Interviews John Phelan - Part 3
October 16, 2007
More of Scott Gurvey's interview with John Phelan, who was chairman of the New York Stock Exchange during the Stock Market Crash of 1987. In this segment, Gurvey asks Phelan if the stock market could crash again. (Total Running Time - 6:40 approx)
A list of websites you can visit to learn more about the 1987 Stock Market Crash.
Bank of England
The Bank of England has made various studies of the 1987 stock market crash. On this page, you can find links to three of these studies.
Federal Reserve (PDF Document)
The Federal Reserve is the central bank of the United States. This links to a November 2006 Fed report titled, "A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response."
Federal Reserve Bank of Minneapolis
The Minneapolis Fed offers a Beige Book Archive. On this page, you can find links to the Federal Reserve's Beige Book from October 1987 and a Minneapolis Fed 1987 Annual Report titled, "Achieving Economic Stability." Explore these links to learn about the nation's economic condition at the time of the '87 crash.
The Library of Economics and Liberty
The Library of Economics and Liberty is a service of Liberty Fund, "a private, educational foundation established to ecourage the study of the ideal of a society of free and responsible individuals." This links to a paper titled "Program Trading" authored by Dean Furbush, a former executive vice president of Nasdaq Stock Market. It discusses one of the issues that many believe contributed to the 1987 market crash.
Louisiana State University (LSU) (PDF Document)
This links to a 2006 paper authored by Professor Eric Hillebrand of LSU's Department of Economics. The paper is titled, "Mean Reversion Expectations and the 1987 Stock Market Crash: An Empirical Investigation."
Securities and Exchange Commission (SEC) (PDF Document)
The SEC regulates U.S. equities markets. This links to a transcript of a speech made by an SEC commissioner at a policy forum in July 1988. The speech was titled, "Would More Regulation Prevent Another Black Monday?"
*If you click these links, you will be taken off the NBR website on PBS.org. NBR has no affiliation with these sites.
