Wall Street Brunch- February 22

Summary

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• Have a marvelous Monday. Make it a great day!

Let's start with a little history, shall we?

On this day in 1980, in one of the most dramatic upsets in Olympic history, the underdog U.S. hockey team, made up of college players, defeats the four-time defending gold-medal winning Soviet team at the XIII Olympic Winter Games in Lake Placid, New York. The Soviet squad, previously regarded as the finest in the world, fell to the youthful American team 4-3 before a frenzied crowd of 10,000 spectators. Two days later, the Americans defeated Finland 4-2 to clinch the hockey gold. The Soviet team had captured the previous four Olympic hockey golds, going back to 1964, and had not lost an Olympic hockey game since 1968. Three days before the Lake Placid Games began, the Soviets routed the U.S. team 10-3 in an exhibition game at Madison Square Garden in New York City. The Americans looked scrappy, but few blamed them for it—their average age, after all, was only 22, and their team captain, Mike Eruzione, was recruited from the obscurity of the Toledo Blades of the International League. Few had high hopes for the seventh-seeded U.S. team entering the Olympic tournament, but the team soon silenced its detractors, making it through the opening round of play undefeated, with four victories and one tie, thus advancing to the four-team medal round. The Soviets, however, were seeded No. 1 and as expected went undefeated, with five victories in the first round. On Friday afternoon, February 22, the American amateurs and the Soviet dream team met before a sold-out crowd at Lake Placid. The US team was down 2-1 at the end of the first period and down 3-2 at the end of the second. Nearly nine minutes into the third period, Mark Johnson took advantage of a Soviet penalty and knocked home a wild shot by David Silk to tie the contest again at 3-3. About a minute and a half later, Mike Eruzione, whose last name means “eruption” in Italian, picked up a loose puck in the Soviet zone and slammed it past Myshkin with a 25-foot wrist shot. For the first time in the game, the Americans had the lead, and the crowd erupted in celebration. There were still 10 minutes of play to go, but the Americans held on, with Craig making a few more fabulous saves. With five seconds remaining, the Americans finally managed to get the puck out of their zone, and the crowd began counting down the final seconds. When the final horn sounded, the players, coaches, and team officials poured onto the ice in raucous celebration. The Soviet players, as awestruck as everyone else, waited patiently to shake their opponents’ hands. As the clock wound down to zero, Al Michaels, broadcasting the game on ABC, said: "Do you believe in miracles? YES!" As the U.S. team demonstrated in their victory over Finland two days later, they weren't your run-of-the-mill amateur squad. Three-quarters of the squad were top college players who were on their way to the National Hockey League (NHL), and coach Herb Brooks had trained the team long and hard in a manner that would have made the most authoritative Soviet coach proud. The 1980 U.S. hockey team was probably the best-conditioned American Olympic hockey team of all time—the result of countless hours running skating exercises in preparation for Lake Placid. In their play, the U.S. players adopted passing techniques developed by the Soviets for the larger international hockey rinks, while preserving the rough checking style that was known to throw the Soviets off-guard. It was these factors, combined with an exceptional afternoon of play by Craig, Johnson, Eruzione, and others, that resulted in the miracle at Lake Placid.

On this day in 1819, Spanish minister Do Luis de Onis and U.S. Secretary of State John Quincy Adams sign the Florida Purchase Treaty, in which Spain agrees to cede the remainder of its old province of Florida to the United States. Spanish colonization of the Florida peninsula began at St. Augustine in 1565. The Spanish colonists enjoyed a brief period of relative stability before Florida came under attack from resentful Native Americans and ambitious English colonists to the north in the 17th century. Spain’s last-minute entry into the French and Indian War on the side of France cost it Florida, which the British acquired through the first Treaty of Paris in 1763. After 20 years of British rule, however, Florida was returned to Spain as part of the second Treaty of Paris, which ended the American Revolution in 1783. Spain’s hold on Florida was tenuous in the years after American independence, and numerous boundary disputes developed with the United States. In 1819, after years of negotiations, Secretary of State John Quincy Adams achieved a diplomatic coup with the signing of the Florida Purchase Treaty, which officially put Florida into U.S. hands at no cost beyond the U.S. assumption of some $5 million of claims by U.S. citizens against Spain. Formal U.S. occupation began in 1821, and General Andrew Jackson, the hero of the War of 1812, was appointed military governor. Florida was organized as a U.S. territory in 1822 and was admitted into the Union as a slave state in 1845.

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