“As I will explain, the crash of 1987 was largely a trading event, not a fundamental or economic one. I don’t mean to sound overly boastful, and I certainly do not pretend to be the foremost expert on the crash of 1987, but I do think my vantage point was quite unique for this momentous event in history.
Some might say you could blame the whole crash on Dan Rostenkowski. Okay, before you get all worked up, I don’t really blame the crash on Rostenkowski, who chaired the House Ways and Means Committee at the time and had spent many years on the tax-writing committee. But Rostenkowski and his committee played a very, very important role in the crash of 1987.
In fact, it was that committee’s ‘trial balloon’ regarding a takeover-tax bill, sent around several days before the crash to see how the measure would be received, that was a main catalyst — or at least the straw that broke the camel’s back — in an environment that was already appearing to be a perfect storm for some kind of tumble for months, if not years.” – Matt Maley