On “Black Monday,” October 19, 1987, $870 billion in equity simply evaporated as the market dropped from a Dow of 2,246.73 to 1,738.41 points.

Word for the Day

AIDSAcquired immune Deficiency Syndrome–is caused by infection with the Human Immunodeficiency Virus (HIV), which attacks immune system cells, ultimately producing severe suppression of the body’s ability to resist other infections.

The disease is transmitted sexually, through the blood (for example, through transfusion with infected whole blood plasma), and during birth, from infected mother to their children.

Stats

Since the first AIDS cases were formally reported in 1981, approximately a half-million AIDS cases and mote than a quarter-million AIDS-Mated deaths have been reported in the United States. It is believed that another million Americans, have been infected with HIV through the mid-1990s but have not developed clinical AIDS symptoms.

Voice from the Past

“So in your discussions of the nuclear freeze proposals, I urge you to beware the temptation of pride— temptation blithely to declare yourselves above it all and label both sides equally at fault, to ignore the facts of history and the aggressive impulses of an evil empire, to simply call the arms race a giant misunderstanding and thereby remove yourself from the struggle between right and wrong, good and evil.”

Ronald Reagan, statement made on March 8, 1983

Word for the Day

Americans learned two important Russian words during the 1980s. Perestroika (literally, restructuring) was how Gorbachev described his program of liberal political and economic reforms. Glasnost (openness) described how the traditionally secretive and closed USSR would now approach its own people and the rest of the world.

Stats

Combined U.S. and coalition forces in the Gulf War amounted to 530,000 troops as opposed to 545,000 Iraqis. U.S. and coalition losses were 149 238 wounded, 81 missing and 13 taken, prisoner (they were subsequently released). Iraqi losses have been estimated in excess of 80,000 men, with overwhelming loss of materiel.

Real Life

The only thing Americans cherish more than their cynicism is their heroes, and the Persian Gulf War produced one in General H. Norman Schwarzkopf, overall commander of operations Desert Shield and Desert Storm. Born in Trenton, New Jersey, on August 22, 1934, Schwarzkopf graduated from West Point in 1956. He served with distinction in numerous staff strategic and personnel management assignments, as well as in field command in Vietnam and in the 1983 invasion of Grenada.

During the Persian Gulf War, Schwarzkopf commanded a combined U.S.-coalition force of 530,000 troops opposed to 545,000 Iraqis and achieved overwhelming victory. Frequently appearing on television press conferences during the conflict, he impressed the American public with his forthrightness, military skill, and softspoken humanity. “Any soldier worth his salt,” Schwarzkopf declared, “should be antiwar. And still there are things worth fighting for.” Much honored, he retired after the war.

Democracy

(1992—)

In This Chapter

End of the Reagan-Bush years

The New Right, Libertarians, and militia groups

An electronic democracy

Writing about what has happened is much easier than writing about what is happening. Because we don’t live in the future, it’s no mean feat to say one current event is historically significant, but another one isn’t. The history of our times has yet to be written. So this closing chapter is nothing more than a moistened finger lifted to the prevailing ,winds. By the time you read this, some of these winds may be forgotten breezes, and I may well have overlooked the coming storms.

The Economy, Stupid

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