It's Tuesday and I hope you are having a great week.
I was very busy yesterday with meetings including one with Senator McCain and came home exhausted and went straight to bed. So I was surprised this morning when I turned on the television. I know from watching the world news this morning about the devastation to the US Stock Market yesterday. The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall. The Dow Jones industrial average lost more than 500 points, more than 4 percent, its steepest point drop since the day the stock market reopened after the Sept. 11, 2001, attacks. About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios. The carnage capped a tumultuous 24 hours that redrew U.S. finance. Lehman Brothers, an investment bank that predates the Civil War and weathered the Great Depression, filed the largest bankruptcy in American history. A second storied bank, Merrill Lynch, fled into the arms of Bank of America. It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government. And the fallout was far from over. American International Group, the world's largest insurer, was fighting for its very survival: New York Gov. David Paterson moved to allow the company to tap one of its subsidiaries for an emergency loan to stay above water.
In Washington, Treasury Secretary Henry Paulson, who refused to toss a financial lifeline to Lehman, was unapologetic as the Bush administration signaled strongly that Wall Street shouldn't expect more rescues from Washington. Six months ago, Paulson moved to prevent the collapse of Bear Stearns, brokering a deal for JP Morgan Chase & Co. to buy the firm at a fire-sale price with Federal Reserve backing. Earlier this month, he stepped in to help the government seize Fannie and Freddie in hopes of reversing the housing and credit crises.(Six months ago, Paulson moved to prevent the collapse of Bear Stearns, brokering a deal for JP Morgan Chase & Co. to buy the firm at a fire-sale price with Federal Reserve backing. Earlier this month, he stepped in to help the government seize Fannie and Freddie in hopes of reversing the housing and credit crises.) The result was one of the most momentous days in Wall Street history since legendary banker J. Pierpont Morgan helped broker the rescue of financial markets during the Panic of 1907. The Dow industrials dropped 504.48 points to close at 10,917.51, the first time since July they have finished under 11,000. It was the sixth-largest point drop ever and the worst since Sept. 17, 2001, when the average fell 684.81 points on the first day of trading after the terror attacks. In percentage terms, the fall for the Dow on Monday was its worst since the summer of 2002. The index has shed nearly a quarter of its value since its record high last October. Broader stock indicators also fell. The Standard & Poor's 500 index lost more than 4 1/2 percent, and the Nasdaq composite index lost more than 3 1/2 percent. So it looks like we are in for even more hard times here in the states. I am just glad I am not in the stock market. Those who were are worth a lot less today. I just hope we elect a leader that can lead the way back out. Stayed tuned for further updates.
I woke up from my nap with Chipper in my face around 11am. (I was up from around 3am until 6am.) Speaking of Chipper, I am dreading taking him to the vet in the next couple of days. I am hoping the vet will say whatever is wrong is treatable. I am realistic and I do know Chipper is very old for a dog but I am not ready for him to be gone yet. The only thing that would hurt me more is if he was in pain.
Gary was home sick from work. He said he was at work having horrible nausea and got sick so they sent him home. It was time for me to wake up and start getting ready for my doctor appointment at AHF in a couple of hours. I was dreading the bike ride to AHF because once again it is hot and humid as heck here in north Florida. Luckily, Dr. Katella was able to see me quickly today. I got my latest lab results which were basically the same as my last labs luckily. The doc did have to write me another prescription for antibiotics because I am still fighting some lung problems. I will be following up with another appointment in a couple of weeks. After getting my new prescription at the pharmacy, it was time to bike back home.
I spent most of what was left of the day answering emails and telephone calls. I also worked on our project website for a couple of hours. Because our Teddy Bear Touchdown is in a couple of months, I sent out solicitation emails to several teddy bear distributors to see if they will become a sponsor and donate bears.
It is one again time for me to sign off and head for bed. I hope you had a great day in your life also.
Wishing you health, hope and happiness.
Big bear hug,