“Black Monday,” October 19, 1987, was the biggest one-day drop in U.S. stock market history.  Pressed for fast and decisive federal action, President Reagan responded: "This is purely a stock market thing."Reaction from the media was quick and hostile:The New York Times: "With the fire alarm wailing on Wall Street and the country anxious for leadership, it gets an astonishing rerun of Herbert Hoover. When will Mr. Reagan start fighting the fire?"Anthony Lewis in the New York Times: "The noise you heard was not just the crash of the market. It was the crumbling of public support for Ronald Reagan.  The age of Reagan is over."Tom Wicker in the New York Times: "When he was cutting taxes, boosting the military budget, firing the air controllers, proclaiming Government as the nation's basic problem, he seemed to know just where he was going and how to get there.  Nearly two terms and many traumas later, Mr. Reagan prescribes no...(Read Full Post)