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Mikhail Gorbachev teaches the world two new words -- perestroika and glasnost. Rev. Jim Bakker falls from grace with Jessica Hahn. Wall Street crashes on Black Monday, "Baby Jessica" McClure survives days in an empty Texas well, and fans everywhere mourn the death of movie and dance legend Fred Astaire.

  • Fred Astaire dies
  • Gorbachev's 'radical' reform
  • "Ollie" North testifies
  • Baby Jessica rescued
  • "Black Monday"

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    Dance legend Fred Astaire dies -- June 22, 1987

    Fred Astaire, whose grace and fancy footwork beguiled generations of moviegoers around the world, dies at age 88. Astaire began his long career at age 8. He went on to star in some of Hollywood's best-known dance sequences in such films as "Top Hat" and "Follow the Fleet." He was most closely associated in the public mind with Ginger Rogers, his co-star in nine film musicals. Although best known for his song-and-dance roles, Astaire won his only Oscar for a straight role in 1974's "The Towering Inferno."

    Ginger Rogers
    Astaire's wife announces his death:
    1.4M QuickTime Movie (160x120) 4M QuickTime Movie (320x240)

    Ginger Rogers remembers her co-star:
    576K QuickTime Movie (160x120) 1.7M QuickTime Movie (320x240)

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    Gorbachev announces 'radical' Soviet reform -- June 25, 1987

    Trying to salvage his country's moribund economy, Soviet leader Mikhail S. Gorbachev calls June 25 for a "radical reorganization of economic management." The speech outlines his plans for "perestroika," a national restructuring to make state-owned businesses competitive. The program also entails "glasnost," an effort to loosen Soviet social and political controls.

    Gorbachev proposes trade reform:
    2.0M QuickTime Movie (160x120) 6.9M QuickTime Movie (320x240)

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