The recent collapse of Wall Street powerhouse Lehman Brothers, combined with the fall of Merrill Lynch sent stocks into a freefall. Brokers also potentially fear that the world's largest insurance company AIG, will go bankrupt. Wall Street has not encountered chaos like this since the Great Depression.
This financial crisis began due to billions of dollars in debt from rotten mortgage loans that have affected the balance sheets of one bank after another.
The Dow Jones industrial average plummeted 504 points by the time the market closed. It was a loss of nearly 4.5 percent to 10,917.51 points. It's the first time since July they have finished under 11,000, and is recorded as the sixth-largest drop in history. The worst since the terrorist attacks of 9/11. About $700 billion disappeared from retirement plans, government pension funds and other investments.
Bank of America became the largest bank in the country as it inherited Merrill Lynch. Merrill was sold to BOA for 50 billion dollars or $29 a share. The S&P 500 fell 59 points or 4.71 percent to 1,192 points. Investors continue to worry that AIG could be the next to fall. AIG shares plummeted 61 percent.
Sunday, September 21, 2008
The History Of Yankee Stadium
"The house that Ruth built" will be closing its doors when the New York Yankees play the Baltimore Orioles tonight. The "stadium" is a place where so many of the greats played. It is a place rich with baseball memores, and has provided its fans with so many unforgettable moments over the years. Yankee Stadium is a cultural landmark with a history like no other ballpark.
In 1921, The New York Yankees purchased 10 acres of land in the Bronx for $675,000. For years, the Yankees played their games at The Polo Grounds, home stadium of the New York Giants baseball team. However, they were eventually forced to leave The Polo Grounds and build a stadium of their own.
With the increased attendance and profit generated by "The Babe", the Yankee organization was able to build the most spectacular ballpark in the country. On Opening Day in 1923, a crowd of more than 70,000 baseball fans showed up to see The Bambino hit Yankee Stadium’s first home run against the Boston Red Sox.
For forty years, the Yankees produced consistant championship teams. Legends such as Babe Ruth, Lou Gehrig, Joe Dimaggio, Mickey Mantle, and Phil Rizzuto made the team so popular that it forced the Giants and Dodgers to relocate in California.
George Steinbrenner bought the team in 1972 for $10 million. In 1973, a major stadium renovation forced The Yankees to play at Shea Stadium for two seasons. When they finally returned to "The Stadium" in 1976, a new dynasty began. With Steinbrenner's aggressiveness and desire to win, the yankees were able to be a powerhouse once again.
The new Yankee Stadium is set to open in 2009. The new ballpark is being constructed across the street, on the site of Macombs Dam Park. It's cost is estimated at 1.6 Billion Dollars.
In 1921, The New York Yankees purchased 10 acres of land in the Bronx for $675,000. For years, the Yankees played their games at The Polo Grounds, home stadium of the New York Giants baseball team. However, they were eventually forced to leave The Polo Grounds and build a stadium of their own.
With the increased attendance and profit generated by "The Babe", the Yankee organization was able to build the most spectacular ballpark in the country. On Opening Day in 1923, a crowd of more than 70,000 baseball fans showed up to see The Bambino hit Yankee Stadium’s first home run against the Boston Red Sox.
For forty years, the Yankees produced consistant championship teams. Legends such as Babe Ruth, Lou Gehrig, Joe Dimaggio, Mickey Mantle, and Phil Rizzuto made the team so popular that it forced the Giants and Dodgers to relocate in California.
George Steinbrenner bought the team in 1972 for $10 million. In 1973, a major stadium renovation forced The Yankees to play at Shea Stadium for two seasons. When they finally returned to "The Stadium" in 1976, a new dynasty began. With Steinbrenner's aggressiveness and desire to win, the yankees were able to be a powerhouse once again.
The new Yankee Stadium is set to open in 2009. The new ballpark is being constructed across the street, on the site of Macombs Dam Park. It's cost is estimated at 1.6 Billion Dollars.
Sunday, September 7, 2008
McCain's controversial choice for running mate
Republican presidential contender John McCain has named Alaska Gov. Sarah Palin as his vice presidential running mate. This is a decision that has drawn immediate criticism from many skeptics who question Palin’s record and opinions on several key issues. Ms Palin is due to make what will be a high anticipated address to the Republican convention in St Paul, Minnesota on Wednesday night. It will be her first chance to calm politicans and experts who have questioned her experience and background.
In a presidential campaign that has been very exciting, McCain made his selection six days after his Democratic rival Barack Obama named Senator Joseph Biden of Delaware as his running mate. There is a strong contrast and many differences between the two running mates. Obama picked an older running mate, and a man whom has been regarded as qualified to be president. McCain chose Palin who is a generation younger than he is, and who has been a governor for less than two years.
Palin began her political career by serving two terms on the Alaska City Council. She was then elected twice as mayor of Wasilla . She was elected governor in 2006, becoming the first woman to hold office. Palin is a mother to five children, one of whom is a soldier in the US Army. Her youngest son has down syndrome, which was discovered during her pregnancy. Palin does not believe in abortion becuase she is a pro-life christian.
McCain’s selection of Palin as his VP candidate makes her the first female vice presidential candidate of the Republican Party and only the second female vice presidential candidate to represent a major political party. The other woman nominated VP for a major political party was Geraldine Ferraro who ran in 1984 for the Democrats. She will also be the first politician from Alaska to run for either president or vice president.
In a presidential campaign that has been very exciting, McCain made his selection six days after his Democratic rival Barack Obama named Senator Joseph Biden of Delaware as his running mate. There is a strong contrast and many differences between the two running mates. Obama picked an older running mate, and a man whom has been regarded as qualified to be president. McCain chose Palin who is a generation younger than he is, and who has been a governor for less than two years.
Palin began her political career by serving two terms on the Alaska City Council. She was then elected twice as mayor of Wasilla . She was elected governor in 2006, becoming the first woman to hold office. Palin is a mother to five children, one of whom is a soldier in the US Army. Her youngest son has down syndrome, which was discovered during her pregnancy. Palin does not believe in abortion becuase she is a pro-life christian.
McCain’s selection of Palin as his VP candidate makes her the first female vice presidential candidate of the Republican Party and only the second female vice presidential candidate to represent a major political party. The other woman nominated VP for a major political party was Geraldine Ferraro who ran in 1984 for the Democrats. She will also be the first politician from Alaska to run for either president or vice president.
Subscribe to:
Posts (Atom)