Twenty-one years ago this month, the world's financial markets were in a tailspin. The 508-point, or 23 percent, collapse of the Dow Jones industrial average on October 19, 1987, left investors frenzied after the worst one-day percentage drop in history.  

"Panic!" screamed the New York Daily News headline, and the broadcast news wasn't much better. "Today's precipitous plunge struck fear in the hearts and pocketbooks of even Wall Street veterans," reported Tom Brokaw on the NBC Nightly News, just hours after the market closed that day.

Investors nervously monitored Wall Street in the days following the sell-off. But at Merrill Lynch, which had already bought commercial time during that week's World Series, the communications staff hatched a novel idea. They figured it would be unthinkable to air an ad that ignored recent market events, so they approached Merrill's chairman and C.E.O., William Schreyer, to record a new commercial, one that would address the subject on everybody's mind. 

"I knew that as the firm that 'brought Wall Street to Main Street,' Merrill Lynch would need to step forward and communicate with the public," Schreyer says in his soon-to-be-published memoir. "What we did and said would have a big impact."
 
Schreyer, who led Merrill from 1984 to 1993, agreed to do it. So on October 22, 1987, during ABC's Game 5 World Series telecast of the St. Louis Cardinals' 4-2 victory over the Minnesota Twins, and just three days after Black Monday, 38 million TV viewers saw this:

"A Message from Merrill Lynch."

Then, Schreyer spoke.

"I'm here for some straight talk about the stock market. It's important to everyone. It provides capital that creates jobs to make America grow.

Emotions can run high during market turbulence, just when reason should prevail.

We are confident in the markets. We've stayed active in them for all investors.

America's economy is the strongest in the world, with great ability to bounce back.

At Merrill Lynch, we're still bullish on America."

Schreyer’s "message" was a home run. And, while it's impossible to measure its effectiveness, it's not a stretch to believe the ad comforted Americans with a sober yet optimistic view of the markets, straight from the corner office.

By now, everybody knows our current "perfect storm" markets saga. To be sure, today's financial trauma is decidedly different from that of a generation ago. However, if there's one common thread between 1987 and 2008, it's that a crisis of confidence has carried whatever fundamental problems exist to painful extremes.

More and more, a stunned public looks for the Schreyer-like statesman from the world of finance who will inspire and soothe frayed psyches. I've come up with a short list of two: Warren Buffett or Jamie Dimon.

Buffett, everybody's favorite billionaire, projects a humble, homespun voice of reason. And there's no question his investments in Goldman Sachs and General Electric exhibit the put-your-money-where-your-mouth-is trust these roller-coaster markets sorely need. However, at 78, Buffett projects Wilford Brimley—the grandfather whose admonishments are followed by a quick smile and a pat on the head.

Dimon, the young-ish, dashing C.E.O. of J.P. Morgan, who has demonstrated vision (avoiding risk on mortgages and C.D.O.'s) and guts ("rescuing" Bear Stearns). With J.P. Morgan's Zelig-like market presence, the 52-year-old Dimon could confidently articulate a message of realistic hope to investors.  

Coincidentally, this year's World Series is scheduled to begin on October 22, 21 years to the day since Schreyer's commercial first aired.

While hardly an anniversary worth celebrating, it would be fitting to see our generation's leading financial titan step up to the plate and tell America something like this:

"Over the past year, the global markets have taken all of us on a harrowing ride. Simply put, the world's financial system cracked as too much credit was provided to too many people who couldn't afford it.

With tremendous help and courage from leaders in the public and private sectors in the U.S. and around the world, corrective steps have been taken to fix the system.

While it's unrealistic to think all will be well in the near-term, these are the proper steps.

Nobody could fault you for thinking, "I don't trust the markets anymore." However, that would be a mistake. You see, money isn't the only commodity that makes markets work; we also need confidence.

We need for people to believe that their savings are secure, and that sensible, fundamental financial planning and investment is the best way to safeguard their portfolios so they can retire comfortably and send their children to college.

Why should people trust this system? Because history tells us that the financial markets are the engine that generates the funds required to build our schools, bridges, and hospitals, as well as providing the capital for all of the amazing technological advancements we've witnessed over the past few decades.

Yes, we'd be foolish to ignore the lessons learned from our recent financial travails. It's clear that a system built in the 20th century worked for the 20th century.

But now, I believe we've successfully restructured our markets to reflect our needs for today, and more importantly, for tomorrow."

The world needs Dimon to assume the Schreyer mantle, and I’d advise him to act now.

Rich Silverman is the senior partner at media relations firm Silverman Communications Group, a strategic communications advisory firm.