|
|
Article: Apocalypse revisited. (stock market crash of 1987 and U.S. economy today)
- Article from:
- National Review
- Article date:
- September 29, 1989
CopyrightCOPYRIGHT 1989 National Review, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The stock market is back to the level it had reached before the 1987 Crash, and there is nothing particularly cloudy in the economic outlook as far as the eye can see. Yet, when the stock market crashed in October 1987, the perennial critics of supply-side policies could barely contain their glee. Peter Kilborn of the New York Times confidently announced that "the Reagan revolution, if it ever really began, has come and gone," and the Times began running, as a regular feature, charts comparing stock prices in 1987 with those in 1929. (This has been discontinued, for obvious reasons.) Alfred Malabre of the Wall Street Journal thought "the problem seems greater" than in ...