Here's what actually happened:
* The incident occurred on October 9, 1987. Rather was angered by a decision made by CBS News management to preempt a planned segment about the Iran-Contra affair with a report on the stock market crash.
* Rather felt the stock market crash was not a more important story than the ongoing Iran-Contra scandal. He believed the preemption was a political decision, driven by the desire to appease Wall Street.
* He walked off the set in protest. Rather's actions were captured by the camera, and his anger was evident.
* The segment on the Iran-Contra affair was eventually aired later in the broadcast.
While Rather's outburst didn't lead to "dead air," it did cause a significant stir within CBS News and was widely discussed in the media. It was a stark example of the tension between journalists and management, and the sometimes competing priorities of news coverage.