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October 19, 1987 - AKA: Black Monday

News of this day in 1987 - Stock Market crashes and Navy Jets bomb Iranian oil sites.

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<strong>To which President Reagan replied: "I have no idea how that happened!</strong>"

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Maybe a harbinger of things to come, but this October 19th in 1987 was dubbed Black Monday as Wall Street and most Stock exchanges throughout the world suddenly found themselves not worth nearly as much as they were 24 hours earlier. Losing 22% of its value in one day in the U.S., it was considered the biggest single decline since the Great Crash of 1929.

Did it serve as a warning sign? Um . . .no. President Reagan expressed bafflement, saying all indications were the economy was sound. Didn't John McCain say almost the exact same thing in 2008 when our current disaster got started?

I guess hindsight is perceived as a gift - you can either accept it and learn from it, or say no and expect a different result next time.

And you wonder why there are tents and demonstrations in Zuccotti Park and Times Square and everywhere else in the country and around the world?

Also on this day, if anyone cared to notice, was news of U.S. Navy Jets bombing Iranian Oil facilities in retaliation for Iranian gunboats attacks on U.S. ships.

Here are hourly news reports, starting with the 1:00 pm (PDT) CBS Radio Network news and continuing until 5:00 pm (PDT).

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