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Stock Market Plunges Today, DeSean Jackson Ends Holdout, and Phillies Take 3 From Giants

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The Omelette Monday August 8, 2011

Stock Market Plunges Today...DJIA Plunges Over 300 Points

Wall Street is reeling today after news of S & P downgraded the United Stated' credit rating Friday evening. Added to that, Freddie Mac and Fannie Mae were also downgraded, which has further escalated the DJIA plummet.

Just how bad can things get? Many experts feel this is a precursor to another recession, which could be worse than the one in 2008-2009.

Former Federal Reserve Chairman Alan Greenspan isn't ready to throw in the towel just yet though. He said that while the economy appears to be slowing down, a double dip recession isn't likely...yet. He said that the U.S. can never default because they can just print more money.

DeSean Jackson Ends His Holdout Today

Disgruntled Eagles wide receiver DeSean Jackson has officially ended his holdout and reported to training camp in Lehigh. Jackson had literally no choice but to return today because tomorrow marks the day in which he would lose a year towards free agency if he didn't report.

Now, the question is - could it turn into another Terrell Owens situation if the Eagles don't give in to his contract demands?

Look for Jackson to command a deal similar to the $50 million 5-year deal Santonio Holmes received from the New York Jets.

Phillies Take 3 out of 4 From Giants

Even though the Phillies couldn't pull off the 4-game sweep of the Giants, they exorcised some of their demons by winning this series. Over the weekend they lit up Madison Bumgarner and got just enough done against Matt Cain on Saturday.

Joe Vallee writes today that Phillies fans shouldn't get too cocky over this series win. And, it's true - while this was a huge series win for the Fightins, we can not discount the Giants. Tim Lincecum has their number and if pitches 2 or 3 games in a 7-game series those are 2 games which the Phillies can lose...unless they find an answer for him.

Contact Dennis Bakay at dbakay@philly2philly.com

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