Looking Back on the Lessons of 'Black Monday'

Twenty years ago, the U.S. stock market suffered its worst single-day loss ever in what's come to be known as "Black Monday," Oct. 19, 1987. The Standard and Poor's 500 Index lost 23 percent of its value that day — and that came on the heels of a 10 percent loss the week before.

Joe Nocera, who writes a business column for The New York Times discusses what happened and why with Scott Simon.

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