Tattva

Yet another year has passed by. Like every year, this one too was very happening. With the amount of news we read each day, we very often miss the key details. Here is a review of the most defining events of 2008. Of course, the selection was difficult and several events missed the final cut.

January

·         Jindal Becomes Governor of Louisiana (Jan. 15): Republican Bobby Jindal takes office as governor of Louisiana, becoming the first elected Indian-American governor of the United States. At age 36, he’s also the youngest governor in the nation.

·         Bush Proposes $145 Billion Stimulus Package (Jan. 18): Responding to a crisis in the housing market and rising oil prices, president says a combination of tax cuts for individuals and businesses will “provide a shot in the arm” to the economy. The Bush administration and the House hash out a $146 billion stimulus package

February

·         US Economy Loses Jobs for the First Time in 52 Months (Feb. 1): US Bureau of Labor Statistics reports that 17,000 jobs were eliminated in January. The figures increase fears of an imminent recession.

·         Microsoft Makes Hostile Bid for Yahoo (Feb. 1): In a move to challenge Google’s dominance of search and advertising on the internet, software giant Microsoft offers to buy Yahoo for $44.6 billion.

·         Kosovo Declares Independence (Feb. 17):  Three months after negotiations between the European Union, Russia, and Washington on the future of Kosovo end in stalemate, Kosovo’s Prime Minister Hashim Thaci declares independence from Serbia. Serbian Prime Minister Vojislav Kostunica says he would never recognize the “false state.” International reaction is mixed, with the United States, France, Germany, and Britain indicating that they planned to recognize Kosovo as the world’s 195th country. Serbia and Russia, however, call the move a violation of international law. (Feb. 18): The United States and several other nations, including Britain, Germany, and France, recognize Kosovo as a sovereign and independent state.

·         Castro Resigns as President of Cuba (Feb. 19):  Fidel Castro, who temporarily handed power to his brother Raúl in July 2006 when he fell ill, permanently steps down after 49 years in power. (Feb. 24): Raúl Castro succeeds his brother, Fidel, as president of Cuba. He says that there will be few changes made in governing and that he will consistently consult Fidel when making decisions.

·         Musharraf Suffers Resounding Defeat in Elections (Feb. 18): President Pervez Musharraf’s party, the Pakistan Muslim League-Q, which has been in power for five years, loses most of its seats in Parliamentary elections. The opposition Pakistan People’s Party, which was led by former Prime Minister Benazir Bhutto until her assassination in December 2007 and is now headed by her widow, Asif Ali Zardari, wins 80 of the 242 contested seats. The Pakistan Muslim League-N, led by another former prime minister, Nawaz Sharif, takes 66 seats. Musharraf party’s wins 40. His defeat is considered a protest of his attempts to rein in militants, his coziness with President Bush, and his dismissal of Supreme Court Chief Justice Iftikhar Muhammad Chaudhry. (Feb. 21): The Pakistan People’s Party and the Pakistan Muslim League-N say they will form a coalition government and exclude Musharraf and members of his government.

March

·         Putin’s Choice for President Is Easily Elected (March 2): As expected, Dmitri A. Medvedev, a former aide to Russian president Vladimir Putin who has never held elected office, wins the presidential election in a landslide. Putin will remain in a position of power, serving as Medvedev’s prime minister.

·         China Cracks Down on Protests by Monks in Tibet (March 10): Some 400 Buddhist monks participate in a protest march in Lhasa, the capital of Tibet, to commemorate the failed uprising of 1959 that resulted in the Dalai Lama fleeing to India. (March 14): The protests, the largest in two decades, turn violent, with ethnic Tibetans reportedly attacking Chinese citizens and vandalizing public and private property. Chinese police use force to suppress the demonstrations. Tibetan leaders say that more than 100 Tibetans are killed, but Chinese officials say there are only 16 fatalities and deny that police had used lethal force. The demonstrations and violence spill into Gansu, Qinghai, and Sichuan Provinces in western China. Chinese officials accuse the Dalai Lama of masterminding the protests, a charge the spiritual leader denies.

·         US Government Intervenes to Avert Financial Crises (March 11): Federal Reserve outlines a $200 billion loan program that lets the country’s biggest banks borrow Treasury securities at discount rates and post mortgage-backed securities as collateral.

April

·         Nepal Holds Historic Election (April 10): Millions of voters turn out to elect a 601-seat Constituent Assembly that will write a new constitution. Maoist rebels, who recently signed a peace agreement with the government that ended the guerrillas’ 10-year insurgency, are vying for seats in the assembly. (April 21): The Maoists win 120 out of 240 directly elected seats.

·         Olympic Torch Relay Draws Protests (April 6):  Dozens of human rights protesters are arrested in London after they clash with police who line the route of the Olympic torch relay. (April 7): The torch is extinguished several times during the Paris leg of the relay.

·         Nepal Nears Final Transition Away from Monarchy (May 28): The newly elected Constituent Assembly votes to dissolve the 239-year-old monarchy and form a republic. King Gyanendra is told he must step down within 15 days.

May

·         Microsoft Withdraws Bid for Yahoo (May 3): After Yahoo rejects Microsoft’s offer of $33 per share, or about $47.5 billion, up from $29.40 a share, Microsoft chief executive Steve Ballmer announces the company has rescinded its offer.

·         Earthquake Kills Thousands in China (May 12): As many as 68,000 people are killed and thousands injured when an estimated 7.9 magnitude earthquake strikes Sichuan, Gansu, and Yunnan Provinces in western China. Nearly 900 students are trapped when Juyuan Middle School in the Sichuan Province collapses. Several other schools collapse. It is China’s worst natural disaster in three decades.

June

·         Obama Secures the Democratic Nomination (June 3): On the final day of the 2008 primary season, Sen. Barack Obama secures 2,154 delegates and becomes the presumptive Democratic presidential nominee. He’s the first black candidate to head a major party ticket in a presidential election. (June 7): Sen. Hillary Clinton suspends her campaign and endorses Obama for the presidency.

·         Gates Ends Day-to-Day Work at Microsoft (June 27):  Bill Gates remains chairman of the software giant, but he will no longer work at the company full time. Instead, he will devote more time to the Bill and Melinda Gates Foundation.

July

·         India’s Government Survives a Confidence Vote (July 22): Prime Minister Manmohan Singh wins the vote, 275 to 256, with 11 members of Parliament abstaining. Singh recently lost the support of Communist parties as he sought to seal a deal that has the U.S. providing India with nuclear technology and fuel for civilian purposes.

August

·         Violence Breaks Out in Breakaway Region in Georgia (Aug. 7): Fighting breaks out after Georgian soldiers attack South Ossetia, a breakaway enclave in Georgia that won de facto independence in the early 1990s. (Aug. 8): Russia enters the fray, with troops and tanks pouring into South Ossetia to support the region. (Aug. 9 and 10): Russia intensifies its involvement, moving troops into Abkhazia, another breakaway region, and launching airstrikes at Tbilisi, the capital of Georgia. In addition, Russian airstrikes in Gori, Georgia, kill about 1,500 civilians. The fighting prompts thousands of people in South Ossetia to flee their homes. (Aug. 26): Russian president Medvedev unilaterally recognizes South Ossetia and Abkhazia as independent regions. The U.S. and its allies denounce the decision. (Aug. 29): Russia and Georgia sever diplomatic ties from each other. It is the first time Russia has cut off formal relations with one of its former republics, which gained independence in 1991.

·         Pakistan Government Seeks to Impeach Musharraf (Aug. 7): The governing coalition, led by Asif Ali Zardari, of the Pakistan Peoples Party, and Nawaz Sharif, leader of the Pakistan Muslim League-N, says it will “immediately initiate impeachment proceedings” against President Pervez Musharraf on charges of violating the constitution and misconduct. The charges stem from his actions in November 2007, when he suspended the country’s constitution and fired Chief Justice Iftikhar Muhammad Chaudhry and the other judges on the Supreme Court. (Aug. 18): Musharraf resigns as president. “Not a single charge can be proved against me,” he says, adding that he was stepping down to put the country’s interests above “personal bravado.” (Aug. 25): Nawaz Sharif withdraws his party, the Pakistan Muslim League-N, from the governing coalition, saying he could no longer work with Asif Ali Zardari. He says Zardari went back on pledges to restore Iftikhar Muhammad Chaudhry to his role as chief justice of the Supreme Court and to work with Sharif to select a presidential candidate. Instead, Zardari says he will run.

·         The Summer Games Open with a Spectacular Ceremony (Aug. 8): The Games open in Beijing with 14,000 performers and 91,000 spectators in the National Stadium. Dancing, music, and fireworks entertain 840 million television viewers worldwide. (Aug. 13): U.S. swimmer Michael Phelps wins his 11th career gold medal, becoming the first athlete in Olympic history to do so. (Aug. 17): Michael Phelps wins his eighth gold medal, breaking the record set by Mark Spitz in the 1972 Games. Phelps also sets the record for the most golds in a single Olympics.

·         Nepal Elects Maoist Prime Minister (Aug. 15): Nepal’s Constituent Assembly elects Maoist leader Pushpa Kamal Dahal, known as Prachanda, over Sher Bahadur Deuba, a member of the Nepali Congress Party who served as prime minister three times. In a compromise, the Maoists say they will not hold posts in the party’s armed faction and will return private property it seized from opponents.

·         McCain Chooses Outsider as Running Mate (Aug. 29):  The day after Sen. Barack Obama accepts the Democratic nomination for US president, Republican John McCain names Sarah Palin, governor of Alaska, as his pick for vice president. The selection comes as a surprise and is an apparent attempt to woo women voters and those who are concerned that a McCain administration will be a continuation of the Bush years.

·         Flood Devastates Part of India (Aug. 28): A dam breach in Nepal causes the Kosi River in the state of Bihar to flood. At least 75 people die, more than two million are displaced, and some 500,000 are stranded.

September

·         Bhutto’s Widower Is Elected President of Pakistan (Sept. 6): Asif Ali Zardari, leader of the Pakistan Peoples Party, wins 481 out of 702 votes in the two houses of Parliament to become president. Zardari, who served 11 years in prison on charges of corruption, faces the overwhelming task of rooting out members of al Qaeda and the Taliban, who control much of the country’s tribal areas. He also promises to improve the relationship between Parliament and the presidency.

·         International Regulator Allows India to Buy Nuclear Fuel (Sept. 6): The Nuclear Suppliers Group, comprised of representatives from 45 countries, votes to allow India to buy nuclear fuel for its reactors as long as it uses the fuel for civilian purposes only. The US Congress must approve the agreement. The opposition party in India, the Bharatiya Janata Party, is against the deal, calling it a “nonproliferation trap.” Nuclear trade deal could be scrapped if India uses the fuel for its weapons program.

·         US Financial Markets Roiled by Turmoil (Sept. 7): The US government places Fannie Mae and Freddie Mac, companies that together hold more than half of the country’s mortgages, under government conservatorship, which is akin to bankruptcy reorganization. US treasury secretary, Henry M. Paulson Jr., says the move was crucial to avoid turmoil in the national and international economies. “This turmoil would directly and negatively impact household wealth: from family budgets, to home values, to savings for college and retirement,” he says. “A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance. And a failure would be harmful to economic growth and job creation.” (Sept. 14): Merrill Lynch agrees to be acquired by Bank of America for $50 billion, and Lehman Brothers prepares to declare bankruptcy when it fails to find a buyer. Merrill Lynch was valued at more than $100 billion in the past year. (Sept. 15): The Dow Jones Industrial Average drops more than 500 points, or 4.4%, amid concerns over a financial crisis. It is the worst one-day loss since the September 11, 2001, terrorist attacks. In addition, Lehman Brothers goes ahead and declares bankruptcy. (Sept. 16): The Federal Reserve agrees to a $85 billion rescue of the American International Group, an enormous insurance company that covers financial institutions. (Sept. 26): Federal regulators seize Washington Mutual, the nation’s largest savings and loan. Almost immediately after, JP Morgan Chase buys the majority of Washington Mutual. (Sept. 28): Congressional negotiators and Treasury secretary Henry Paulson agree on a $700 billion bailout plan that gives the Treasury unprecedented authority to buy a wide range of troubled financial assets, limits executive pay, gives the government an equity stake in companies that participate in the plan, and gives the federal government the ability to recoup losses from the financial industry after five years, which is considered a major concession. (Sept. 29): In a stunning move that leaves the financial world in disarray, the House rejects the bailout plan, 228 to 205. The Dow Jones Industrial Average drops 778 points, it’s biggest point decline ever.

·         Several Bombs Tear Through Indian Capital (Sept. 13): Over the course of 25 minutes, five bombs explode in crowded markets in New Delhi, killing 22 people and injuring dozens. The Indian Mujahedeen claims responsibility for the attacks.

·         Dozens Are Killed in Blast at Popular Hotel in Pakistan (Sept. 20): A truck bomb explodes outside the Marriott Hotel in Islamabad, killing more than 50 people and wounding hundreds. The bomb went off as government leaders, including the president and prime minister, were dining a few hundred yards away, at the prime minister’s residence. A previously unknown group, Fedayeen Islam, takes responsibility for the attack.

·         US House Approves Nuclear Deal with India (Sept. 27):  Votes, 298 to 117, to end the ban on trading nuclear fuel with India. The ban was imposed by the US in 1974 after India tested a nuclear weapon.

October

·         US Senate Approves Nuclear Deal with India (Oct. 1):  Votes, 86 to 13, to end the ban on trading nuclear fuel with India. In passing the measure, the Senate ratifies the agreement, which will allow India to buy nuclear fuel on the world market for its reactors as long as it uses the fuel for civilian purposes only. India has agreed to give international inspectors access to its 14 civilian nuclear plants. Eight military facilities, however, will remain outside the purview of inspectors. The ban was imposed by the US in 1974 after India tested a nuclear weapon.

·         US Senate Passes Bailout Plan (Oct. 1): Two days after the House of Representatives rejected a similar deal, the Senate votes, 74 to 25, in favor of a “sweetened” plan. (Oct. 6): On the first day of trading since the bailout bill was signed into law, stock markets in America, Europe, and Asia experience their steepest declines in two decades. The Financial Times Stock Exchange Index suffers its biggest one-day drop (in terms of points), and Russia’s stock market plummets by almost 20%. (Oct. 8): Tokyo’s benchmark index falls 9.4% and Hong Kong’s dips by 8.2%. (Oct. 9): In the most active day in New York Stock Exchange history, investors sell off stocks in a panic, and the Dow closes below 9,000 for the first time in five years. In addition, the Icelandic stock exchange suspends trading, and the government nationalizes three major banks. (Oct. 10): The Bush administration begins to reconsider the priorities of the $700 billion bailout package, shifting focus toward recapitalizing banks. (Oct. 11): The finance ministers from the Group of 7 industrialized nations meet in Washington to formulate a coordinated plan to stem the escalating financial crisis. They agree to protect the deposits of citizens and to prevent the failure of additional financial companies. (Oct. 14): The Bush administration announces plans to invest $250 billion in nine of the largest U.S. banks as part of its continued effort to control the financial crisis. The move is part of the $700 billion bailout package.

·         US Economy Shrinks for First Time in Years (Oct. 30): The gross domestic product drops 0.3%. It’s the first decrease in the GDP in 17 years.

November

·         Barack Obama Is Elected US President (Nov. 4): In an election that was historic on many levels, Democratic senator Barack Obama wins the presidential election against Sen. John McCain, taking 338 electoral votes to McCain’s 161. Obama’s victory was assured after winning crucial swing states like Ohio and Pennsylvania. In addition, Indiana and Virginia vote for a Democratic presidential candidate for the first time since 1964. Obama is the first African American to be elected president of the United States. He will inherit a country facing two wars and an economy in tatters. Sen. John McCain delivers a gracious concession speech that focuses on the historic significance of Obama’s win. Democrats increase their majority in the House and pick up five seats in the Senate.

·         Russian President Sends a Warning to Obama (Nov. 5): The day after Sen. Barack Obama is elected president of the United States, Russian president Dmitri Medvedev delivers a speech in Moscow in which he says he will install short-range missiles near Poland that could reach NATO countries if the U.S. deploys a missile-defense system in Europe.

·         India Leaves its Footprints on Moon (Nov 14): “Just as we had promised, we have given India the moon,” said G. Madhavan Nair, Chairman of the Indian Space Research Organisation, after the Moon Impact Probe (MIP) onboard Chandrayaan-1 successfully ejected and landed on the lunar surface on Friday night. With the tricolor painted on its sides the probe marked India’s presence on the Moon and put India in the elite club of Russia, the U.S., Japan and the European Space Agency, which have impacted probes on the Moon.

·         Terrorists Launch Brazen Attack in Mumbai (Nov. 26): About 170 people are killed and about 300 are wounded in a series of attacks on several of Mumbai’s landmarks and commercial hubs that are popular with foreign tourists, including two five-star hotels, a hospital, a train station, and a cinema. Indian officials say ten gunmen carried out the attack that was stunning in its brutality and duration; it took Indian forces three days to end the siege. Deccan Mujahedeen, a previously unknown group, claims responsibility for the attacks. Pakistan officials deny any involvement in the attacks, but some Indian officials hint that they suspect Pakistani complicity. India has been hit by an increasing number of terrorist attacks throughout 2008.

December

·         US Unemployment Rate Increases Again (Dec. 5): The Labor Department reports that about 533,000 nonfarm jobs were lost in November, the highest number since 1974. The unemployment rate increases two-tenths of a point to 6.7%. In addition, the department revises the number of jobs lost in September and October, saying an additional 199,000 positions were eliminated.

 

Shobhit Mathur is an avid follower of international politics and economics. He is a software developer at Amazon.com, Seattle. You can contact him at shobhit.mathur@amazon.com

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