20 Oct 1987
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 20, 1987
Page
1
The report notes a grassroots campaign to expose truth in college athletics. Billy Martin, longtime Yankees broadcaster, was named manager of the New York baseball team for the fifth time. These items appear among pages 10 and 1C highlighting sports and administration moves.
A concise contrast notes how a tennis player serves on the court versus a convict serving time behind bars. It highlights the parallel of serving as a point action in sport and as a period of imprisonment, without sensational detail.
Panic in the market as the Dow Jones drops 508 points to 1,738.74, a 22.62 percent loss and the lowest close since April 1986. Traders report record volume and fear spreads from foreign exchanges, with Nikkei also plunging as inflation fears mount.
George C. Ford reports on a Monday stock plunge with potential ripple effects for pensions and consumer spending. University of Iowa analyst Carl Schweser warns retirees may see pension cuts while younger savers could face lower values, prompting reduced purchases of cars and big appliances and potential job impacts in auto parts and related industries. The piece notes a broad shift in spending and employment prospects tied to market declines.
United States naval forces attacked two connected Iranian oil platforms used as gunboat bases and a third platform nearby, destroying radar and communications gear. No American casualties reported. The operation, 120 miles east of Bahrain, followed an Iranian missile strike on a Kuwaiti oil tanker. President Reagan framed the action as a prudent self defense in response to unlawful force.
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