Thursday, January 15, 2009

Prominent Events in 2008

January: Scientists created human stem-cell lines without destroying embryos.

February: Exxon Mobil's earnings of $40.61 billion in 2007, as oil prices soared, are the largest annual profit in U.S. corporate history.

Congress approves a $168 billion ecoomic stiumlus plan for over 130 million households to get tax rebate checks of $300 to $1,200.

General Motors says it ended last year $38.7 billion in the red.

Crude oil prices finish just above $100.

March: Bear Stearns sells itself to J.P. Morgan Chase.

April: GM, Toyota, Ford and Chrysler post double digit drops in U.S. car sales.

May: American International Group (AIG) posts a record $7.8 billion first quarter loss.

Corn prices are forecast to stay at records into 2009 amid a shrinking U.S. corn crop and rising demand by the ethanol industry.

June: Crude oil jumps $11 to $138 a barrel. The Dow drops 395 points to 12209. The average price of gasoline hits $4 for the first time. Lehman Brothers posts a $2.8 billion quarterly loss.

July: The Dow drops 167 points to 11215.

September: Investors cheer U.S. seizure of Fannie Mae and Freddie Mac. The Dow rises 290 to 11510.

President Bush signs into law a $700 billion plan to rescue the U.S. financial system. Exxon and Shell post profits of $14.83 billion and $8.45 billion, respectively.

China announces a $586 billion stimulus package.

December: A rise of over 39% is reported in murders of African American teens since the two-year period of 2000-2001.

(The Wall Street Journal, 1/2/09)

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