Key Events that shaped 2008
Wednesday, December 31st, 2008As 2008 comes to an end, we try and capture some of the most events in politics, sports, business, etc that shaped 2008 and will impact us as we step into 2009. This year saw one of the biggest financial crisis that the world has ever seen, we also saw a spectacular Olympics and a new President Elect in the United States that gave a lot of people a lot of hope. So lets try and see what all happened in 2008.
January 2nd 2008, the year 2008 started with economic problems unfolding across the world and the price of petroleum hitting $100 per barrel for the first time on 2nd Jan 2008. On January 18 President George W. Bush announced an economic stimulus package, proposing $800 per individual and $1600 per couple in tax refunds to put some money in the lands of common people. January 21 - Stock markets around the world plunged on 21st January 2008 amid growing fears of a U.S. recession, fueled by the 2007 subprime mortgage crisis.
On 2nd February, the activists of Maharashtra Navnirman Sena (MNS) tried to disrupt a press conference of Samajwadi Party leader Amar Singh in Mumbai and started the movement against non-marathi uttar bhartiyas living in Mumbai. U.S. stock market indices plunged more than 3% on February 5th 2008 after a report showed signs of economic recession in the service-sector. The S&P 500 Index fell 3.2%. The Dow Jones Industrial Average fell 370 points. There was more pain to come. On February 7th the US Senate passed a $170 billion economic stimulus package by a margin of 81-16. In the meantime, on February 18th general elections were held in Pakistan. Opposition parties, including Bhutto’s party, took more than half of the seats much in sympathy after the assassination of Benazir Bhutto, while President Pervez Musharraf’s party suffered a huge defeat. In UK, on the next day, the British government introduced emergency legislation temporarily to nationalize Northern Rock, the fifth largest mortgage bank in the UK, due to the bank’s financial crisis. In Hollywood, Los Angeles, the 80th Academy Awards held on 23th February and hosted by Jon Stewart, with “No Country for Old Men” winning Best Picture.
John McCain secured the 2008 U.S. Republican Party presidential nomination after winning primary elections in Texas, Vermont, Ohio, and Rhode Island on 4th March 2008. On March 14th, 2008 some weeks before the Olympics demonstrations by Tibetan separatists turned violent as rioters target government owned buildings. On the same day the New Hyderabad International Airport is inaugurated. On 26th March Tata Motors bought two British automobile manufacturing companies, Jaguar and Land Rover, from Ford Motors.
The Taliban attempted to assassinate Afghan President Hamid Karzai in April in a military parade in Kabul. India set a world record by sending 10 satellites into orbit in a single launch on April 28th 2008. Polar Satellite Launch Vehicle (PSLV-C9) successfully puts all the 10 satellites into orbit. On the same day in 2008 General Motors announced that it will cut production of pickup trucks and sport utility vehicles due to the slowing down of demand.
May 2008 started with over 133,000 in Burma/Myanmar were killed by Cyclone Nargis, the deadliest natural disaster since the Boxing Day Tsunami in 2004. Senator Barack Obama won the North Carolina Democratic Primary on May 6th. Senator Hillary Clinton narrowly won Indiana Democratic Primary. 13th May witnessed Bomb blasts in Jaipur. About 80 people were killed in serial blasts. A week ahead of first anniversary of police firing on agitating Gujjars violence erupted in Rajasthan on 23th May. Four Gujjar protesters and one policeman killed in clashes in Bharatpur district. The tally went up to 17 later. The Federal Democratic Republic of Nepal was established on May 28th 2008 after the Assembly votes overwhelmingly in favor of abolishing the country’s 240-year-old monarchy.
On June 2nd a car bomb exploded outside the Danish embassy in Islamabad, Pakistan, killing at least five. Barack Obama secured the 2008 U.S. Democratic Party presidential nomination becoming the first African American presidential candidate for a major political party on June 3rd 2008. Chairman of Microsoft Corporation, Bill Gates stepped down from daily duties to concentrate on philanthropy on June 27th 2008.
On July 7th A suicide-bomber drove an explosives-laden vehicle into the front gates of the Indian embassy in Kabul, Afghanistan, killing 58 and injuring over 150. July 22 - The United Progressive Alliance led government in India survived a crucial no-confidence vote based on disagreements between Indian National Congress and Left Front over the Indo-US nuclear deal on July 22nd. Ram Baran Yadav was sworn in as Nepal’s first President on July 23rd. A series of seven bomb blasts rocked Bangalore on 25th July, killing 2 and injuring 20 and on the next day, a series of bomb blasts in Ahmedabad, Gujarat, India, killed 45 and injureed over 160 people.
A stampede at a Hindu temple at Naina Devi in Bilaspur, Himachal Pradesh, India killed 162 and injured 400 on August 3rd 2008. The 2008 Summer Olympics took place in Beijing, China from August 8th to August 24th with Abhinav Bindra being the only Indian Gold Medal Winner. On August 15th 2008 Pushpa Kamal Dahal aka Prachanda was sworn in as the first Prime Minister of the Federal Democratic Republic of Nepal after the Nepalese monarchy was abolished in May 2008. Michael Phelps surpasses Mark Spitz in Olympic Gold Medals won at a single Olympics, with 8 gold medals at the Olympics in August. Pervez Musharraf resigned from the post of President of Pakistan under impeachment pressure from the coalition government on August 18th 2008. Taliban insurgents killed 10 and injured 21 French soldiers in an ambush in Afghanistan on August 19th 2008. Barack Obama and Joe Biden were declared the Democratic president and vice president candidates at the 2008 Democratic National Convention in Denver, Colorado on August 25th 2008. Meanwhile on August 29 Republican presidential candidate John McCain chose Sarah Palin as his running mate.
Prime Minister Yousaf Raza Gillani of Pakistan survives an assassination attempt near Islamabad on September 3rd 2008 while on his way to meet the British Leader of the Opposition David Cameron. And Asif Ali Zardari was elected as the President of Pakistan by the Electoral College of Pakistan on September 6th 2008. The US Government grappling with a huge economic crisis takes control of the two largest largest mortgage financing companies in the US, Fannie Mae and Freddie Mac on September 7th 2008 and within a week, on 15th September 2008 Lehman Brothers filed for Chapter 11 bankruptcy protection.
October 2008 will be remembered as the month when the big Global financial crisis reached the next level. U.S. President George W. Bush signed the revised Emergency Economic Stabilization Act into law, creating a 700 billion dollar Treasury fund to purchase failing bank assets. On 7th October 2008, Russia agreed to provide Iceland with a four-billion-euro loan to handle the financial crisis. Following a major banking and financial crisis in Iceland, the Icelandic Financial Supervisory Authority took control of three largest banks in the country: Kaupthing Bank, Landsbanki,and Glitnir on October 9th 2008. Pope Benedict XVI announced the canonization of Sister Alphonsa Muttathupadathu, the first woman of Indian origin to be canonized as a saint by the Roman Catholic Church, and the first canonized saint of the Syro-Malabar Catholic Church on 12th October 2008. The Indian Space Research Organisation successfully launched Chandrayaan 1 spacecraft on a lunar exploration mission on October 22nd 2008. On October 29 Delta Air Lines closes its merger with Northwest Airlines forming the world’s largest commercial carrier as the pain due to the economic crisis speads.
On November 4th, in the historic United States presidential election, Barack Obama was elected the 44th President of the United States and Joe Biden was elected the 47th Vice President. Barack Obama became the first African-American President-elect while Joe Biden became the first Roman Catholic Vice President-elect. November 26th to November 29: terrorist attacked the heart and spirit of Mumbai, India kill 195, and injure at least 250 and leave the people of Mumbai angry and upset. For the next couple of weeks protest and marches are held across the city and country. Politicians are targeted and police force/NSG are thanked for their bravery and sacrifice.
On December 1st - Dow dropped 680 points, its fourth worst drop in its history, after the National Bureau of Economic Research declared on the same day that the United States economy officially entered a recession in December 2007.
Biggest Impact: Global financial crisis
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