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Stock Market #313129

CBS Evening News for Wednesday, Oct 21, 1987
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(Studio: Dan Rather) Report introduced.

(NYC: Ray Brady) New York City Stk. Exchange gains reported Stk. Mkt. Report London, England, and Tokyo, Japan, gains resulting from United States stock market noted. Scenes from London and Tokyo shown. [Trader Gary HINDES - says the stock market was a lot better than yesterday and a lot of people bought.] Reagan's concern said credited for gains. [Stk. analyst Edward KERSCHNER - says it is a shame that it took a market imbalance to convince Reagan he needed to balance the budget.] Millions in losses said resultant of Monday's plunge. Charles Schwab investors featured. [MAN - says he lost thousands of dollars just waiting in line.] [WOMAN - says she had been trying since Monday to get a call through and finally came in person.] [SCHWAB - says no one saw this situation coming and he wishes someone had.] Computerized programmed trading said largely to blame for plunging market [Investment analyst Alan ACKERMAN - says computerized trading has turned Wall Street into a casino.] [KERSCHNER - says the market plunge scared even the most seasoned professional.] Reagan's actions to resolve market crisis discussed.

(Studio: Dan Rather) Report introduced.

(DC: Bill Plante) Reagan's willingness to declare the market crisis over noted. [REAGAN - says half of the loss has already been regained and that should indicate that the economy is rather sound.] Reagan's pledge to work with Congress said helpful in rectifying economy situation. [REAGAN - says he will listen to Congress if they will keep in mind that raising taxes has always resulted in lowering of revenues.] Admin.'s contradictory signals regarding flexibility with Congress discussed. Budget director James Miller's assertion that Reagan would not raise taxes quoted. Treasury Secretary James Baker's position, however, that everything is up for discussion mentioned. [Representative Dan ROSTENKOWSKI - says he saw Reagan contradicthimself on TV.] [Senator Robert BYRD - says hopefully the president really means it when he says he is ready to negotiate.] [Senator Lloyd BENTSEN - says taxes are inevitable.] [Nobel Prize winner for economy Robert SOLOW - says he wishes Reagan would stop the nonsense that taxes will never again be raised.] Reagan's being forced to accept some form of taxation measure said expected.

Reporter(s):
Brady, Ray;
Plante, Bill;
Rather, Dan
Duration:
00:05:30

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