The suspension of Manny Ramirez is just the latest blow to trust and confidence in America. Madoff killed any hope to have trust in finance. The SEC and Congress made it impossible to trust Washington.
And just in case A-Rod weren’t enough, the 50-game suspension of Manny Ramirez for “substances” kills off any faith we had left in baseball. It’s depressing.
And beyond the devastation to our confidence — just as the green shoots were springing to life, too! — it’s also bad news for business. jetBlue (JBLU), for example, recently launched special “Manny” fairs for fans in Boston and New York to fly out to Long Beach. He’s got a sponsorship deal with EA sports, which is now on the rocks. It’s also bad news for CBS-affiliate KCAL, the network in LA that has exclusive over-the-air rights to broadcast Dodger games.
He’s also a huge merchandise cash cow for the Dodgers. The LA Times reports that when he signed with the team, they instantly sold out of jerseys — about $125,000 worth overnight. No doubt he remains their top seller, and one reason why his multi-million contract is justified.
Meanwhile, the market is tanking. Some say it’s due to the weak bond auction, but we’ll go with what we said above. Just when we were starting to feel good, we get news that sends our animal spirits back into hibernation.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.