(b) Halts in Trading.
You can read more on the halts here.
This is not to say that a large interest rate induced panic, much bigger than the one in May, couldn't net out as being a more meaningful event than 1987 but it will trade differently.
I would argue that for the last few years the Fed has been bigger than the market in that intervention or if you prefer, manipulation, has contributed to a great stock market result in the face of a very weak recovery.
For now the Fed is bigger than the market. This raises a few questions. How long can this last? Is it possible that the Fed can engineer some sort of gentle let down in equity prices such that investors won't have a third 50% decline hit them in 15 years? Or are we indeed doomed as some like to tell us?