Current Events Cheat Sheet: The DOW Dropped Low, Low, Low
In the week following the last-minute debt deal, the stock markets plummeted, giving many flashbacks to the dark days of the 2008 financial crash. The steep dive took place Thursday, when the Dow Jones Industrial Average fell by 513 points, or 4.3%, which doesn’t sound like that much, but it’s a lot, a lot, a lot. In fact, it’s the biggest one-day percent drop in the past 2 years. The other averages that are used to measure the stock market, the S&P 500 and the Nasdaq, fell by 4.8% and 5.1% respectively that day. This obviously isn’t good news for our not-so-hot economy, as the stock market is used to predict what will happen financially in the future, and you can bet this will be THE (somewhat boring, but important) topic on the tongues of the Republican presidential candidates.
“Alexander McQueen: Savage Beauty,” an exhibition at the Metropolitan Museum of Art in New York, closed yesterday with record-breaking attendance numbers. The exhibit featured some of the McQueen’s most iconic designs, including Lady Gaga’s favorite- the lobster claw shoes. The museum confirmed that over 625,000 people viewed the pieces, making it the most viewed fashion exhibit in the history of the museum and placing it among the Met’s “top 20 blockbusters”. The show was extended twice to accommodate the crowds, and on the final 2 days, the museum stayed open till midnight. There were so many people that the wait to get in was as long as 3 hours.
Hosni Mubarak, the toppled, former president of Egypt, began trial on Wednesday on charges of corruption and complicity in the killing of protesters. Before his presidency ended in February at the hands of a youth-led revolution, Mubarak was the longest reigning leader of modern Egypt. For many, the image of Mubarak in prison whites, wheeled into the court-room on a stretcher, symbolized how far the nation has come from when it was in his oftentimes tyrannical grasp. Despite the solemnity of the proceedings, things took a somewhat chaotic, bizarre turn as the 30 (yes, 30!) attorneys representing the families of deceased protesters fought for the judge’s attention (not to mention the 130 waiting outside). One of these lawyers suggested that, in fact, the man in the courtroom wasn’t Mubarak but rather a clone or look-a-like, and that the real Mubarak had died in 2004. Another surprising turn? A recording of the defendant saying “I completely deny all these charges” quickly became a popular, downloadable ringtone. Can you imagine hearing that go off in the middle of class?
Outkast’s Big Boi, a.k.a. Antwan Patton, was arrested for drug charges on Sunday. The rapper was shaking like a polaroid picture (sorry…) when he was taken into custody by Miami police. Airport officials searched his luggage and found ecstasy, MDMA (the technical term for molly), and illegally obtained Viagra. His lawyer claims the drugs belonged to Big Boi’s entourage, who probably won’t be his entourage anymore after hearing how he threw them under the bus! Bail was set at $16,000- chump change for the famous artist.
Pic o’ the Week:
Angered over the death of a 29-year-old cab passenger during a police traffic stop, protests spread across Tottenham, a district of London, on Saturday night. Several buildings, shops, and cars were destroyed and 55 people were arrested.