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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.

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

  • "Ollie" North testifies -- July 7, 1987

    Testifying under limited immunity, Lt. Col. Oliver North answers questions before House and Senate committees investigating the Iran-Contra scandal. North says he "assumed" President Reagan knew of the diversion of funds (profits from the sale of arms to Iran) to the Nicaraguan rebels, and that he destroyed key documents. He also concedes that he used funds from the Iran-Contra operation for personal purposes.

    North describes the shredder incident:
    3.3M QuickTime Movie (160x120) 9.2M QuickTime Movie (320x240)

    North: "I am not lying to protect anybody":
    2.6M QuickTime Movie (160x120) 7.6M QuickTime Movie (320x240)

    North defends his actions:
    2.9M QuickTime Movie (160x120) 8.4M QuickTime Movie (320x240)

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    Baby Jessica rescued -- October 16, 1987

    Working around the clock for two and a half days, rescuers pull 18-month-old Jessica McCLure from an abandoned well shaft in Midland, Texas, where she is trapped 22 feet below the surface. "Baby Jessica" remarkably escapes the ordeal with minor injuries. She had fallen into the well while playing in her aunt's backyard.

    The rescue:
    1.2M QuickTime Movie (160x120) 2.4M QuickTime Movie (320x240)

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    World stock prices collapse -- October 19, 1987

    Mayhem reigns on Wall Street on October 19, dragging down stock prices around the world. The benchmark Dow Jones industrial average plunges 508 points, by far the largest ever drop in the index. The "Black Monday" panic prompts fears of a harsh recession, but the next day the market regains 102 points as buyers rush to pick stocks at bargain prices.

    Bedlam on Wall Street:
    1.4M QuickTime Movie (160x120) 3.5M QuickTime Movie (320x240)

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