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Happy birthday to… Karen Evans

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Dorobek and Evans

Dorobek and Evans

A very happy birthday to… none other then Karen Evans, administrator of the Office of Electronic Government and Information Technology (IT) at the Office of Management and Budget.

Evans has been enormously influential over the years — particularly in this role, which services as the de factor government CIO. And, agree or disagree with her — and I have done both — and while even she acknowledges that she can be a difficult boss sometimes. All of that aside, there is no doubt that she is passionate and dedicated to government service and agency missions. And, as I have grown to know her better personally, she is a very honest and honorable person.

Unfortunately, the biggest event on this date in history… well, this event strikes just a bit too close to home these days — it is the stock market crash of 1929. Any idea the percentage that the market dropped on that day? I’ll give you part of the answer — it dropped some 38 points.

Here is the write-up from the public radio’s Writer’s Almanac

It’s the anniversary of Black Tuesday, which happened in 1929 — the worst stock market crash in the history of the United States. The economy had been so good during the 1920s that people kept speculating in the markets, so stock prices were too high, much higher than the stocks themselves were worth. When they suddenly fell, it was a snowball effect. People had borrowed money to buy stocks, thinking that they could turn around and sell the stocks at a profit, and now they went bankrupt. On Black Tuesday, stock prices fell so fast that by the end of the day many companies couldn’t sell their shares at any price.

Black Tuesday was the beginning of the Great Depression. By 1932, more than 100,000 businesses had failed and 13 million people had lost their jobs.

This from Wikipedia:

On Black Tuesday, the Dow Jones Industrial Average fell 38 points to 260, a drop of 12.8%. The deluge of selling overwhelmed the ticker tape system that normally gave investors the current prices of their shares. Telephone lines and telegraphs were clogged and were unable to cope. This information vacuum only led to more fear and panic. The technology of the New Era, much celebrated by investors previously, now served to deepen their suffering.

Black Tuesday was a day of chaos. Forced to liquidate their stocks because of margin calls, overextended investors flooded the exchange with sell orders. The glamour stocks of the age saw their values plummet. Across the two days, the Dow Jones Industrial Average fell 23%.

By the end of the week of November 11, the index stood at 228, a cumulative drop of 40 percent from the September high. The markets rallied in succeeding months but it would be a false recovery that led unsuspecting investors into the worst economic crisis of modern times. The Dow Jones Industrial Average would lose 89% of its value before finally bottoming out in July 1932.

Want to find out more — which Simpsons star was born today… which senator was born today… and earlier we told you about the birthday of one of Charlie’s Angels — another “Angel” shares Evans’ birthday today… Find out more after the break…

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Written by cdorobek

October 29, 2008 at 8:19 AM

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Happy birthday to… Bruce McConnell

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Bruce McConnell

A very happy birthday to Bruce McConnell, the former information technology chief at the Office of Management and Budget who went on to be the founder and head of McConnell International and Government Futures, which he recently sold.

Some of the events and birthdays on this date:

I’m watching NBC’s Meet the Press and Tom Brokaw, who is interviewing Republican presidential candidate Sen. John McCain (R-AZ), just noted that this is the anniversary that McCain was shot down. He was flying his 23rd bombing mission over North Vietnam, when his A-4E Skyhawk was shot down by a missile over Hanoi. McCain fractured both arms and a leg, and nearly drowned when he parachuted into Truc Bach Lake.[33] Some North Vietnamese pulled him ashore, then others crushed his shoulder with a rifle butt and bayoneted him. McCain was then transported to Hanoi’s main Hoa Lo Prison, nicknamed the “Hanoi Hilton.”

(A total aside, but… one of the analysts on Meet the Press this morning is Charlie Cook, who watches congressional races carefully in his Cook Political Report. Meet the Press is coming from Iowa today, but… he is going to be at IAC’s ELC 2008 tonight. Let’s hope there are no flight delays.)

On the other side, it’s the birthday of Sen. Hillary Clinton. (More over on the public radio’s Writer’s Almanac.)

It is the birthday of Mahalia Jackson, the American known as the queen of gospel singing, was born. Following her death on Jan. 27, 1972, her obituary appeared in The New York Times.

Big events on this date:

1774 The First Continental Congress adjourned in Philadelphia.

1825 The Erie Canal opened, connecting Lake Erie and the Hudson River in upstate New York. Again, from public radio’s Writer’s Almanac:

It’s the anniversary of the opening of the Erie Canal in 1825. It was built to connect the Atlantic Ocean with the Great Lakes. The canal was 360 miles long, 40 feet wide, and four feet deep — just deep enough to float barges carrying 30 tons of freight. When the canal was finished, cannons were lined up along the towpath just barely in earshot of each other. They fired one after another from Lake Erie to New York City, finishing the relay in 81 minutes.

1881 The gunfight at the OK Corral took place in Tombstone, Ariz., as Wyatt Earp, his two brothers and “Doc” Holliday confronted Ike Clanton’s gang. Three members of Clanton’s gang were killed; Earp’s brothers were wounded.

More events and birthdays after the break, including one of Charlie’s Angles and a country music star.

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Written by cdorobek

October 26, 2008 at 11:22 AM

Posted in birthdays, Circuit, community

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