Reagan, a Republican from California, took office following a landslide victory over Democratic incumbent President Jimmy Carter in the 1980 presidential election. In 1987, Reagan appointed conservative economist Alan Greenspan to succeed Volcker, and Greenspan would lead the Federal Reserve until 2006. Greenspan raised interest rates in another attempt to curb inflation, setting off a stock market crash in October 1987 known as 'Black Monday,' but the markets stabilized and recovered in the following weeks.
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