White House Diaries

Thursday, October 22, 1987

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Left at 9:15 A.M. for hospital—Nancy up & waiting. Arrived back at W.H. at 10:35. A large group with signs, a Marine band, kids from “Just Say No” clubs, Foster grandparents & Exec. office staff to welcome her. It was very heartwarm ing. Rex is happy—so am I. Then over to the office for staff meeting—10:45 A.M. Had a phone call from Geo. S. & Frank C. in Moscow. Meetings with Shevardnadze, constructive & business like—covered Human Rt’s., Regional problems & of course arms control. They said they believe the Pershing 1A’s issue is settled.

Tomorrow they meet with Gorbachev. Then in our meeting we had at the stock mkt. situation. This morning it started nose diving again. At one point it was down 200 or so points. By end of day it closed only 55 pts. down.

We talked plans—I opted for an afternoon announcement that I will personally meet with Cong. leadership to negotiate on reducing the deficit. After that announcement the mkt. improved.

Then N.S.C.—Iran fired a silkworm missile at a Kuwait off shore oil loading facility—only hit causeway between 2 bases—injured one man.

At 11:40 a brief greeting to head of conservative block in W. German Bundestag—Dr. Theo Weigel & W.G. Ambas. to U.S. who is retiring.

Then to Cabinet Room to meet with U.S. Savings Bonds Volunteer Committee. They are all top business figures who sold $10 Bil. worth of bonds last year. Then a photo to commemorate 20th anniversary of Signing of Public Broadcasting Act—met with 9 board members.

Lunch—then photo with departing S.S. agent & wife—off to San Jose. Then met with our “market” group—Alan Greenspan, Beryl Sprinkel, Jim Baker et al. Discussed more things we can do. We all believe mkt. was overpriced & this was largely a correction but believe some activity re the deficit can help. Into Family Theatre—more briefing for press conf. And so upstairs to my napping bride.

Mkt. was down over 100 pt’s. when my announcement was released that I would meet Cong. regarding deficit. Mkt. closed at 77 [down]—8 P.M. press conf. went well.