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January 11, 1988 - Bumpy Rides And Red Faces.

News of the day - Dow Jones making slow recovery from precipitous drop of 140 points on the previous trading day. Questions raised about whether or not Libya was actually involved in the Berlin Disco bombing that brought U.S. retaliation against Libya in 1986. Soviet Union will participate in the 1988 Seoul Olympics after all. Israel-Palestinian friction leads to 30 deaths. Gorbachev calls for Sino/Soviet Summit. Lyn Nofziger investigated for influence peddling during the Wedtech Scandal hearings. Arizona Governor Evan Mecham vows not to quit - opts to be dragged from office.

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<strong>The problems of his own Mecham</strong>.

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Something of a bumpy day, this January 11th in 1988. The Stock Market was slowly recovering from it's precipitous drop the previous trading day, with the Dow Jones losing over 140 points. Nervous breaths were being held all over the world.

Questions were being raised, with proof being offered that the Libyans had nothing to do with the Berlin Disco Bombing that resulted in U.S. bombing of Libya in 1986, but rather a Palestinian terrorist group. That one got quickly swept under the rug.

Speaking of Palestinians - friction was increasing between Israelis and Palestinians in Israeli occupied territory, with 30 deaths reported so far.

The Soviet Union announced it would be participating in the 1988 Olympics in Seoul South Korea after all. This after the U.S. pulled out in 1980 in reaction to the Afghanistan invasion and the Soviet Union pulling out in 1984 in reaction to the U.S. pulling out in 1980 as a reaction to the Soviet invasion of Afghanistan. . . confusing, I know. All was good to go by 1988 and the athletes were happy.

To go a step further, Mikhail Gorbachev called for a Sino/Soviet Summit to be held sometime in the near future. Quoted in a Chinese interview, Gorbachev wanted an improvement in relations between the two Communist nations. The Chinese were semi-warm to the idea.

Arizona Governor Evan Mecham vowed he would not resign in wake of the scandal involving him and campaign contributions. But by the looks of it, he was destined to be dragged, kicking and screaming out of office.

And on the subject of scandals - former Reagan Press Secretary Lyn Nofziger was the latest to go under investigation for influence peddling in relation to the Wedtech Scandal.

Where would we be without a heady whiff of scandal at least somewhere every day?

And that's what was going on this January 11, 1988 via The CBS World News Roundup.

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