CBS Evening News - 1988-01-08
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Read a transcript preview of “CBS Evening News - 1988-01-08” from malgent, uploaded on 2026-01-16.
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Language: English (original, YouTube automatic captions)
[0:00] CBS.
[0:02] [music]
[0:03] >> This is the CBS Evening News. Dan Rather
[0:06] reporting tonight from Dallas. Good
[0:07] evening. Wipe out on Wall Street. The
[0:10] whole stock market rally of early 88 was
[0:12] wiped out today by the third biggest
[0:14] one-day point dive in Wall Street
[0:16] history. The market was down 140 points.
[0:20] This market fall official word that
[0:22] President Reagan's Commission on Wall
[0:24] Street is recommending more regulation
[0:25] of chaotic financial markets. Mr. Regan
[0:28] himself today backed off giving any
[0:30] immediate endorsement to the
[0:31] recommendations of his own task force,
[0:33] the one he appointed to investigate the
[0:35] Black Monday market plunge of October.
[0:37] Also being blamed for this latest market
[0:39] downer today, new predictions from
[0:41] private economists that next year's
[0:43] federal budget deficit will soar
[0:45] billions of dollars beyond the legal
[0:47] limit. Bill Plant begins our coverage of
[0:49] the money and market mess of 88.
[0:54] President Reagan headed for Camp David
[0:56] before the worst of today's market drop,
[0:58] but he was asked his reaction to a
[1:00] report he received today on last
[1:02] October's Wall Street crash.
[1:04] >> Haven't read it yet.
[1:06] >> Wall Street executive Nicholas Brady,
[1:08] chairman of the study, says the fact
[1:09] that all the world's markets are now
[1:11] linked electronically makes them
[1:13] extremely sensitive. He concluded that
[1:15] lack of coordination contributed to the
[1:17] October crash and makes clear the need
[1:19] for new rules. I think uh in in terms of
[1:23] regulation you're talking about relative
[1:24] minor changes but you're talking about
[1:26] the agreement on one principle that