“Many people remember the events leading up to October 19, 1987. Unfortunately, very few of them recall the specifics. When many people talk about the dramatic drop in the overall stock market, they either blame a single cause (portfolio insurance) or treat the market fall as if it were something that came from out of the blue. Far from being a lightning strike or an act of God, the crash was a single event caused by a complex series of interconnected events.”
Black Monday — The Motley Fool
“That (the 1988 US shoot down of Iran Air Flight 655), in itself, generates a sequence of events that comes back to haunt us. So it’s interesting to look at these in hindsight. We used to look at them as kind of discrete events, not tied to each other, and seen in a vacuum. But from a distance, I think we can see more of a pattern.”
Vincent Cannistraro — Director of Intelligence Programs for the U. S. National Security Council (1984 to 1987)
In the morning October 19, 1987, two U.S. warships shelled an Iranian oil platform in the Persian Gulf in response to Iran’s Silkworm missile attack on the Sea Isle City. The stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value, its largest single-day percentage drop. The day became known as “Black Monday”.
In a FRONTLINE interview, Former CIA Vincent Cannistraro explained his view on the whole affair going from the Iran-Contra scandal (November 3 1986) to the shoot down of Iran Airbus 655 (July 3 1988), and eventually to the Lockerbie tragedy (December 21 1988). Follow us on Twitter: @INTEL_TODAY Continue reading →
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