What Caught My Eye Today

Fred's Note: Faith n' begorrah, it's Saint Patrick's day. Break out the green, tap a keg of Guinness and Erin go brea! (I looked it up, and this is the correct spelling).

Economy - Train wreck alert! Avert your eyes or watch with morbid fascination. Either way, the news still sucks. A fire sale of Bear Stearns Cos Inc stunned Wall Street and pummeled global financial stocks on the eve of an expected U.S. interest rate cut aimed at preventing a meltdown of the financial system. U.S. stocks almost ventured into bear market territory -- a drop of 20% from the October high. The market staged a late partial recovery as optimism set in over an expected decision by the U.S. Federal Reserve to slash rates by as much as 1 percentage point tomorrow to jump-start financial markets and prevent a recession. Prevent? Dude, that ship has sailed. I think we're in a mitigation scenario at this point. Bankers around the world were already fretting about job losses because of the endless series of credit losses. It could get worse: The mayhem could spill over to Main Street, already reeling from a housing crisis. Trying to assuage worries that the credit crisis is spinning out of control, President George W. Bush said the United States was "on top of the situation." You mean the same way the captain of the Titanic was on top of the situation? That deal didn't turn out so well as I recall.

New York - David Paterson was sworn in as governor Monday before a crowd of lawmakers who chanted his name and cheered his message of unity in a state eager to move past his predecessor's sordid and speedy political collapse. Paterson became the state's first black chief executive and nation's second legally blind governor almost exactly a week after allegations first surfaced that Gov. Eliot Spitzer was "Client 9" of a high-priced call girl service. I don't know this guy, but I like him already. Why you may ask? I'll tell you. First of all, you don't have to worry about Paterson being the victim of lip-service--dude is blind, what's the point? Secondly, as a sight impaired individual, Paterson has compensated by having an extraordinary memory. I doubt the words, "I don't recall that," will ever be uttered from his lips. Good luck to you, Governor.

Nepal - Climbers are being told by Nepalese officials that Mount Everest's summit will be put off-limits to the public from all sides during the first 10 days of May, so the Chinese can carry an Olympic torch to the summit without risking a high-altitude confrontation over Tibet's future. China hopes to put climbers on the 29,035 foot summit of Everest, the world's highest peak, by May 10 possibly using live television to broadcast it and doesn't want Tibetan activists to ruin that Olympic spectacle. Don't you hate when human rights' protests get in the way of good television? Everest straddles the border of Chinese-controlled Tibet and Nepal, home to many Tibetan exiles and activists. May is considered the best time to climb Everest, but climbers have to be on the mountain weeks before to acclimatize to the harsh weather and high altitude. And don't get me started on how the laws of nature continue to get in the way of sporting events that I wait all all week to see.

China - Is it just me or are the Olympic Games starting to become a big headache for the Chinese? China vowed to defend its sovereignty in Tibet as Chinese troops set up checkpoints and mobilized to quell an uprising. A deadline for protesters in the Tibetan capital to turn themselves in passed without any apparent surrenders or arrests. The Tibetan protests began March 10 on the anniversary of the failed 1959 uprising. Tibet had been effectively independent for decades before Chinese communist troops entered in 1950. The upheaval is prompting scrutiny of the communist government's human rights record ahead of the Aug. 8-24 Beijing Summer Olympics, which China had hoped would boost its international image. And China's troubles are just limited to the political scene. The International Olympic Committee (IOC) didn’t rule out postponing endurance competitions like the marathon because of the heavy pollution in the air over the Chinese capital. Events that require a minimum one hour of continuous physical effort at a high level, are under the scanner, the IOC said. These would include the marathon, swimming, mountain biking, urban road cycling, triathlon and the walks. Beijing has already spent nearly $17 billion trying to improve its environment and recently the Beijing Olympic Organising Committee said major pollutants in the air had come down since the city won the right to host the Games, but some experts say many of the statistical gains were achieved by moving the air quality monitors to less polluted areas of the Chinese capital. $17 billion with little or nothing to show for it? That's a shame. Still things could be worse for the Chinese. For instance they could be blowing $12 billion a month on a war in Iraq that may never end.

Sports - It's been awhile since our last jaunt through the world of sports...

Golf - Tiger Wood's victory in the Arnold Palmer Invitational was his fifth in a row on the PGA Tour and his sixth straight worldwide, a streak that spans six months. Woods is so dominant that he has won seven of his last eight times on the PGA Tour, the exception being a runner-up finish to Phil Mickelson at the Deutsche Bank Championship on Labor Day. He’s an incredible 16 for 25 since the 2006 British Open. Now, even the purists must wonder if Woods can go an entire season without losing. Don't we think we may be getting ahead of ourselves just a tad bit. I'm not saying that I'd bet against the lad, but there is a lot of golf still too be played. There is always the possibility that he could get food poisoning.

Basketball - The Houston Rockets beat the Los Angeles Lakers 104-92 to stretch their streak to 22 and claim sole possession of first place in the Western Conference. The Rockets have won 26 of their last 27 games, 31 of their last 34, and 15 straight at home. Critics continue to dismiss Houston’s streak as a fluke, saying the Rockets have played a bunch of bad teams. Last time I checked, the Lakers were a pretty good team. Of course, if they don't win the NBA Title, the streak won't mean much. Just look at the New England Patriots.

College Basketball - March Madness is here, baby. Sorry boss, but I'm afraid you're going to have to hold all my calls for the next three weeks. My Final Four picks? Wouldn't you like to know.

Soccer - Don't look now but hell may be starting to cool off. How else can one explain that either Canada or the United States will be in the Olympics, but Mexico will not? The CONCACAF Olympic Qualifier will send two teams to the Summer Games (Maybe...with this whole pollution mess, who knows?). Canada faces the United States in one semifinal--guaranteeing at least one will make the trip to Beijing--and Guatemala will take on Honduras in the other.