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Economy: Reagan Response #105976

ABC Evening News for Monday, Oct 19, 1987
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(Studio: Peter Jennings) Report introduced.

(DC: Sam Donaldson) Response of President Reagan to stock market drop reported [REAGAN - is puzzled because nothing wrong with economy] Democrats attack on Reagan economy policies noted. [Representatives William GRAY, David OBEY - call for response by administration to problem in order to prevent economy collapse.] Treasury Secretary James Baker's stop in Bonn, Germany (FR), to calm fear over his prior stmt. that dollar would fall in relationship to German currency noted. Press Secretary Marlin Fitzwater's consultation with financial officials noted. Admin.'s uncertainty over what to do cited, but no thought being given to closing market by administration asserted.

(Studio: Peter Jennings) Discussion with Goldman Sachs spokesperson Robert Hormats and discount broker Charles Schwab and anchor held. [SCHWAB - says individual investor still buying, thus system still okay.] [HORMATS - says stock drop came from fear feeding on fear resulting in profit-taking by large insts.; notes dollar decline, interest rates rise.] [SCHWAB - describes panic environmental and role of emotion now dominating stock market; predicts impact of Tokyo and London mkts., in turn, on United States market] [HORMATS - predicts smart buyers will react to market drop.; notes confidence in stock market]

Reporter(s):
Donaldson, Sam;
Jennings, Peter
Duration:
00:04:40

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