By Liam McPherson
The following exchange took place between President Reagan and reporters after the market close on Black Monday, October 19, 1987. After visiting the First Lady in the hospital, President Reagan returned to the White House just after the market lost over 20 percent of its value on the day.
Q: What about the market? Tomorrow will it go down again?President Reagan: I don’t know. You tell me.
Q: Is the market your fault?President Reagan: Is it my fault? For what, taking cookies to my wife?
President Reagan: I just told you. Good Lord, we reduced the deficit over last year by $70 billion. And all the other things I’ve told you about the economy are as solid as I told you. So, no, I have no more knowledge of why it took place than you have.