What they said when the Dow said, Ow: GOP hopefuls reacted in character. Robert Dole wanted “someone . . . to provide a forum so that we can discuss problems affecting the market and maybe find out what some of the answers are. … In this country, only one person can provide that leadership, and that is the President.” George Bush sat tight. “Anyone who wants to jump away” from Ronald Reagan, said Bush campaign manager Lee Atwater, “will look foolish. I would say go ahead, step away from Reaganomics and make George Bush’s day.” Jack Kemp plugged currency reform: “Our unstable world monetary system . . . threatens the world economic and trading policy.” . . . Democrats blamed you-know-who. “The voodoo chickens of Reaganomics have come home to roost” (Albert Gore). The plunge “finally jolted the American people into a recognition that there are serious economic problems in this country” (Mario Cuomo). “We’ve been relying on paper profits and the good will of our allies to finance our twin deficits” (Richard Gephardt). “This is the end product of Arthur Laffer’s supply-side economics and Mil- ton Friedman’s experiment with monetarism” (John Kenneth Galbraith). “The market is sending an unequivocal message to the President and the Congress to . . . agree on a Federal deficit reduction plan” (a tax raise; Rep. Daniel Rostenkowski). . . . Scattered flakes in the storm of comment: “I’ve been out for a year” not “because I was smart. I got out because I was too dumb to understand what the heck might be really going on” (H. Ross Perot). “I’m just a Westerner who came to town today to see how these New Yorkers are handling my money, and I’ve lost half a million in eight hours” (Bryan Carman, Idaho businessman). “When things are tough, the house goes first, then the Jaguar, then the wife’s $500 dress, and then the steak” Arthur Stillman of Smith & Wollen-sky, a New York steak house). “Stocks fluctuate. Next question” (Alan C. Greenberg, Bear, Stearns & Company).
“Not America. Think of the lawsuits.”
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