Oct 19
Black Monday — Stock Market Crash
The Dow Jones fell 22.6% in a single day — the largest one-day percentage drop in history. $500 billion evaporated. Unlike 1929, the economy recovered quickly.
🇺🇸United States · 80s
Black Monday
Wall Street crashes, Iran-Contra explodes, and The Simpsons debut.
What happened
5 milestones of 1987
May-Aug
Iran-Contra Hearings
Televised hearings revealed that the Reagan administration secretly sold arms to Iran and funneled profits to Nicaraguan rebels. Oliver North became a controversial figure. Reagan's legacy was tarnished.
Jun 12
Reagan: 'Tear Down This Wall!'
At the Brandenburg Gate in Berlin, Reagan demanded: 'Mr. Gorbachev, tear down this wall!' His advisors tried to remove the line. He kept it. Two years later, the wall fell.
Oct 16
Baby Jessica Rescued from Well
18-month-old Jessica McClure fell into a well in Midland, Texas. For 58 hours, America watched the rescue on live TV. She was pulled out alive. The first 24-hour cable news event.
Dec 8
INF Treaty Signed
Reagan and Gorbachev signed the Intermediate-Range Nuclear Forces Treaty, eliminating an entire class of nuclear weapons. The Cold War thaw was real.
What was playing
70% local · 30% international
What was in cinemas
The Princess Bride
Rob Reiner — 'As you wish.' A fairy tale for all ages. Inconceivable!
Full Metal Jacket
Stanley Kubrick — Kubrick's Vietnam. The boot camp sequence is cinema's most terrifying training montage.
Wall Street
Oliver Stone — 'Greed is good.' Michael Douglas as Gordon Gekko defined 80s excess.
Dirty Dancing
Emile Ardolino — 'Nobody puts Baby in a corner.' Patrick Swayze and Jennifer Grey. Summer of '63.
RoboCop
Paul Verhoeven — Satire disguised as an action film. Detroit's future was dystopian and hilarious.
What was on TV
The Simpsons (shorts on Tracey Ullman)
1987-present — Homer, Marge, Bart, Lisa, and Maggie debuted as crude shorts. A cultural institution was born.
Star Trek: The Next Generation
1987-1994 — Picard took command of the Enterprise. 'Make it so.'
Married... with Children
1987-1997 — The anti-Cosby Show. Al Bundy was TV's most lovable loser.
Full House
1987-1995 — The Tanner family and 'Have mercy!' Wholesome to the core.
The Cosby Show
1984-1992 — Still the #1 show. The Huxtables defined 1980s family TV.
How much things cost
Currency: USD
Gallon of milk$2.28
Gallon of gas$0.95
New house (median)$104,500
New car (average)$10,300
Loaf of bread$0.54
Movie ticket$3.91
Inflation: 3.6%
The economy was booming before Black Monday. Gas prices had fallen. Consumer confidence was high.
Then vs. Now
Inflation-adjusted values
Gallon of milkBLS
1987 (USD)
$2.28
→
Today's value ($)
--
Gallon of gasEIA
1987 (USD)
$0.95
→
Today's value ($)
--
New house (median)Census Bureau
1987 (USD)
$104,500
→
Today's value ($)
--
New car (average)BLS
1987 (USD)
$10,300
→
Today's value ($)
--
Loaf of breadBLS
1987 (USD)
$0.54
→
Today's value ($)
--
Movie ticketNATO
1987 (USD)
$3.91
→
Today's value ($)
--
Technology
GIF invented
CompuServe introduced the GIF image format. The internet's favorite format was born.
First 3D video game (Amiga)
Early 3D games appeared on the Amiga and Atari ST platforms.
DNA fingerprinting used in court
DNA evidence was used for the first time in a criminal case (UK).
Prozac approved
The FDA approved fluoxetine (Prozac). The antidepressant revolution began.
AZT for AIDS
The FDA approved AZT, the first drug to treat HIV/AIDS.
Pop Culture
Fashion
Acid-washed jeansBig hair (teased and sprayed)Oversized blazers with shoulder pads
Slang
Bogus— Fake, unfair
Chill— Relax, calm down
Def— Cool, excellent (from hip hop)
Behavior
- Wall Street excess defined the era — suspenders, cell phones, cocaine
- AIDS crisis forced a national reckoning with sexuality and compassion
- The Simpsons began their takeover of American culture
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