Time Magazine Contents Page November 2, 1987

20

COVER: The Crash of '87 sends stock markets around the world plummeting to record losses

On Black Monday the Dow Jones industrial average plunges by 22.6%, far more than on the worst day of 1929. As stock prices fluctuate wildly through most of the week, the crisis spotlights Washington' s failure to curb Government spending and borrowing. Few economists expect another Great Depression, but a recession is more likely now. -- In an exclusive interview, Treasury Secretary James Baker gives the Administration' s view of the tumult. -- One way or another, everyone is in the market, and anyone can lose. -- Wall Street' s investment houses brace for hard times. -- Some prescient and lucky investors survive the crash in fine shape. -- Six ways to curb America' s budget and trade deficits. -- 1929: the way it was the last time.

62

WORLD: The Persian Gulf reverberates with a new round of tit- for- tat retaliation

/ The U. S. avenges a missile attack with the naval bombardment of two offshore Iranian oil- loading platforms. Tehran replies by launching yet another of its deadly Silkworms against Kuwait. -- Nakasone selects Noboru Takeshita, a consummate dealmaker little known to the rest of the world, as Japan' s new Prime Minister. -- Aquino strikes back at her opponents.

56

Nation

Reagan' s stumbling presidency takes another blow as Soviet Leader Gorbachev sandbags prospects for a Washington summit.

70

Science

Exclusive photos from the latest Titanic exploration. -- First view of a 4,600- year- old boat in an Egyptian chamber. -- Everest is still tops.

76

Ethics

A leading medical ethicist prescribes some unflinching limits on the American life- span. -- The harvesting of a baby' s heart.

78

Medicine

Some doctors question Nancy Reagan' s choice of surgical procedure for her breast cancer. -- A drug to fight a tropical scourge.

80

Nobel Prizes

Poet Joseph Brodsky, a Soviet emigre who is now a U. S. citizen, gets the literature award. -- M. I. T.' s Robert Solow wins in economics.

83

Art

A retrospective affirms the panache and mental horsepower that make Frank Stella the grand maximalist of abstract painting.

85

Books

A new unabridged dictionary reveals how the lingo has changed over the past two decades.

-- Agents of Innocence is an intriguing thriller.

98

Sport

Home is where the heart is for the Cards' Lawless, the Twins' Gladden and all the heroic mystery guests at the World Series.

12 Letters

14 American Scene

84 Press

95 Theater

95 Milestones

97 People