Beyond the Headlines

2008

A Year in Perspective

It is 2009! The year will be heavily influenced by events from 2008, and this month I will take a look at the major stories which shaped the extraordinary last year. Enjoy the Year in Perspective!

Politics

The U.S. Presidential Election was the most followed political story, both in the U.S. and internationally, in quite a long time. The Republican Party, cut low by President George W. Bush’s growing unpopularity, its apparent inability to add large numbers of young voters to their ranks, and the sinking American economy, faltered against the Democrat Barack Obama’s juggernaut of a political campaign. Obama won Democratic nomination after a close run against Senator Hillary Clinton, and went on to cinch the general election with ease. Obama was named Time magazine’s Person of the Year, and will be the first African-American U.S. president.

Other political news in 2008 was not so well-received, however. U.S. politics were marred by a series of scandals, beginning with the March resignation of New York governor Eliot Spitzer, and growing to include David Patterson, John Edwards, Kwame Kilpatrick, Ted Stevens, and finally Rod Blagojevich.

War

War and terrorist acts have unfortunately not slowed down in 2008. The Iraq War is in its sixth year, and the 2007 troop surge has been effective in curtailing violence. The Iraq government approved a status of forces agreement which calls for a removal of American forces by 2011. Afghanistan, by comparison, is getting more violent, with Taliban fighters strengthening positions and carrying out organized attacks.

Other wars and attacks include the Russian invasion of Georgia, a series of well-coordinated terrorist attacks in India’s largest city and financial capital Mumbai and bombardment of Gaza by Israel in late December and into the New Year.

Sports

January’s Super Bowl XLII – already considered one of the greatest ever - ended with the New York Giants stopping the New England Patriots from an undefeated season, leaving the 1972 Miami Dolphins as the only team to go undefeated during the regular season and post-season. The Summer Olympics, held in Beijing, China, began on August 8 and lasted through the 24th. Forty-three world records were set, with U.S. Swimmer Michael Phelps winning the most gold records in a single Olympics and most career golds. Jamaican runner Usain Bolt broke the world speed records in 100-meter and 200-meter dashes, earning the title of “World’s Fastest Man.” The 2008 Major League Baseball World Series ended with the Rays, who had the worst record in baseball during the 2007 season and placed last in nine out of the past ten years, losing to the Phillies, who have been around considerably longer – since 1883 as the “Quakers” – have only won a single world series prior to 2008 and have lost the most games of any in the history of Major League Baseball.

Disasters

2008 was no stranger to disaster, and Asia bore the brunt of it. The first massive disaster to hit was Cyclone Nargis, which struck Myanmar (formerly Burma) on May 2nd. The cyclone is the worst natural disaster to hit the coastal nation in its history, and is responsible for at least 146,000 deaths. The actual number killed is thought to be much larger, but the government has stopped reporting deaths to minimize political fallout.

On May 12th, less than two weeks after Cyclone Nargis hit Myanmar, an earthquake devastated the Chinese province of Sichuan. The “Great Sichuan Earthquake,” the 19th deadliest earthquake in recorded history, killed more than 69,000 people, with 18,000 still missing. The earthquake measured 8.0 in magnitude and could be felt as far away as Shanghai, 1,056 miles away. China has committed one trillion yuan, or $146.5 billion, to rebuild the shattered province.

Besides these major disasters, 1600 tornadoes were confirmed in the United States alone, causing 125 deaths - the worst year since 1998 and the second most active tornado season on record. Besides tornados, a sugar refinery exploded in Georgia on February 7, floods hit China, the Ukraine, India and the U.S. Midwest, several other earthquakes struck across Asia, and a sustaining wall in Tennessee collapsed, pouring more than one billion gallons of coal sludge into the town of Kingston, filling 400 acres of land.

Goodbyes

It was a sad year in the entertainment industry as many entertainers passed away. Perhaps the most talked-about loss was the January 22nd death of Heath Ledger. Ledger, known for his roles in Monster’s Ball, Brokeback Mountain and his last finished project, The Dark Knight died from an accidental prescription drug overdose. He has been nominated for several awards in connection with his phenomenal portrayal as The Joker in The Dark Knight.

We must also bid farewell to comedian Bernie Mac, singer Eartha Kitt, NFL hall-of-famer Gene Upshaw, director Sydney Pollack, science fiction author Arthur C. Clarke, actor and NRA president Charlton Heston, author Michael Crichton, folk singer Odetta, comedian George Carlin, blues guitarist Bo Diddley, singer Isaac Hayes, writer Aleksandr Solzhenitsyn, pinup queen Bettie Page, artist Robert Rauschenberg, author David Foster Wallace, and actor, stuntman, businessman and philanthropist Paul Newman.

The world has also lost many other important figures. Among these are NBC’s Tim Russert, fashion figure Yves Saint Laurent, politician Jesse Helms, millionaire and explorer Steve Fossett, Transcendental Meditation guru Maharishi Mahesh Yogi, explorer Edmund Hillary, National Review founder William F. Buckley Jr., journalist Studs Terkel, CIA’s “Deep Throat” W. Mark Felt, and chess champion Bobby Fischer.

The Economic Crisis

The breakdown of the world economy is perhaps the single largest event which will shape the New Year. Some saw the house of cards that was the U.S. sub-prime mortgage affair crumbling in 2007, but it was in 2008 that it fully collapsed, taking countless banks, mortgage companies, and individuals with it.

In September several large U.S. financial structures failed, beginning with Fannie Mae and Freddie Mac, both of which were placed into conservatorships by the Federal Housing Finance Agency. A week later, Lehman Brothers filed for bankruptcy and the sale of Merrill Lynch to the Bank of America was announced. Stocks fell. Within days, the American International Group (AIG) was rescued by the Federal Reserve because of fears of global fallout.

By the second half of September, plans for a federal bailout were in motion. On September 29, the House of Representatives voted against the plan and the Dow had the largest drop in history. On October 1, a revised bailout passed Congress, giving an immediate $350 billion and leaving another $350 billion for later use. Even with this news, in October the stock markets lost even greater numbers. News of the “Big Three” American automakers in financial straits, a rising unemployment rate, poor consumer spending, and other financial markers point to an equally poor 2009 as the crisis continues.