A Letter From The Publisher: Aug. 30, 1982

The torpid days of August normally find Wall Street sleepily idling, while many traders head off to summer hideaways. And it might have made sense for TIME New York Financial Correspondent Frederick Ungeheuer to do the same. But fortunately, when the stock market unexpectedly exploded last week, Ungeheuer was on hand to enjoy and chronicle the fireworks.

He had begun the week with a 16-hour day, talking across time zones to vacationing sources for a previously scheduled business story. He was finishing up his report Tuesday morning when he noticed on his cable-news...

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