Word: crash
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Dates: during 1980-1989
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...queries went out to an army of more than 25 TIME correspondents in 20 financial capitals around the world. Before long, their reports would begin hitting the In baskets of 30 editors, writers and reporter-researchers in New York City. As coordinator of the magazine's coverage of the Crash of '87, Alexander for the rest of the week would find his meals as elusive and unpredictable as the stock market...
Alexander had had premonitions of bad news. In a story he ordered and edited only four weeks earlier, TIME drew worrisome parallels between the Wall Street boom and the events that led to the Crash of '29. Still, the 508-point drop in the Dow Jones industrials on Black Monday was such an unsettling event that a major examination was in order. Under Alexander's supervision, TIME directed its considerable resources at determining why the bubble burst, where the financial markets were headed, and what the implications of the crisis were for both the global economy and the wallets...
TIME's reporters dashed from scene to scene gathering impressions. "Trying to cover a stock market crash," said Senior Correspondent Frederick Ungeheuer, "is a little like trying to find out what's happening on a battlefield." Ungeheuer dispatched members of the New York bureau to cover upstairs trading rooms and to the floor of the exchange. Other reporters were in every major bourse in the world, from Tokyo to London, from Chicago to Los < Angeles. Back in New York City, Senior Writer George Church tackled the dramatic downturn with the authority of his many years as the magazine's premier...
...week wore on and the stock market fluctuated wildly, Alexander confirmed his sense that economic history was being made. "Black Monday was worse than the worst day of 1929," he says. "No matter what happens to the market now, the economic problems that triggered the crash will still be with us. Everyone could be affected by this event, including my children and even my grandchildren...
...falling, is at 2103. Long lines of people form to take turns in the N.Y.S.E.'s spectator gallery. Heather Walker, 27, wants to "tell my grandchildren I was there." But she wonders if the crash means she will never be a mother. "Even in good times, men are scared of getting married," says Walker. "In the coming depression, forget...