One disagreement over current events was over 'Black Monday' – a sharp fall in the international stock markets in 1987. Grant believed a worldwide slump would arise from the fall of the stock markets. "From a capitalist point of view at best this will be the worst post-war slump, but it is possible that it will be worse than the slump of 1929–1933". Whilst Grant had the support of Alan Woods and Michael Roberts on this issue, he was opposed by Taaffe, Lynn Walsh, Bob Labi and what was to become the "majority". Here was first clearly delineated the dividing line that was drawn between the supporters of Grant and Taaffe. Taaffe writes that the discussion on the executive was "very sharp".