Obama's Legacy

From Financial Times:

America’s disastrous debt is Obama’s biggest test

By Roger Altman

Published: April 19 2010 23:05 | Last updated: April 19 2010 23:05

The global financial system is again transfixed by sovereign debt risks. This evokes bad memories of defaults and near-defaults among emerging nations such as Argentina, Russia and Mexico. But the real issue is not whether Greece or another small country might fail. Instead, it is whether the credit standing and currency stability of the world’s biggest borrower, the US, will be jeopardised by its disastrous outlook on deficits and debt.

America’s fiscal picture is even worse than it looks. The non-partisan Congressional Budget Office just projected that over 10 years, cumulative deficits will reach $9,700bn and federal debt 90 per cent of gross domestic product – nearly equal to Italy’s. Global capital markets are unlikely to accept that credit erosion. If they revolt, as in 1979, ugly changes in fiscal and monetary policy will be imposed on Washington. More than Afghanistan or unemployment, this is President Barack Obama’s greatest vulnerability.

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Air Travel Is A Dirty Business

The body that represents the world's airlines, IATA, has criticised Europe's governments for the way they closed air space because of volcanic ash.

The head of the airline industry body, Giovanni Bisignani, told the BBC: "This is a European embarrassment and it's a European mess."

Millions of passengers have been affected by the crisis, which is now into its fifth day.

Britain ordered three Royal Navy ships to help bring home stranded nationals.

[Full story]

Sure, but all it would take is one airplane that crashes from the volcanic ash and the yelling would be about what the governments did not do.

Take a boat.

Bernanke Warns About Deficits

Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit

Neil Irwin and Lori Montgomery
Washington Post Staff Writer
Thursday, April 8, 2010

Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security [and Comprehensive Health Care Coverage] if the nation is to avoid staggering budget deficits that threaten to choke off economic growth.

So, now tell us something we didn't know.

Turning The Other Cheeks

From The New York Times:

For the first time, the United States is explicitly committing not to use nuclear weapons against nonnuclear states that are in compliance with the Nuclear Nonproliferation Treaty, even if they attacked the United States with biological or chemical weapons or launched a crippling cyberattack.

[Full story]

Yes, indeed. Bend over and turn the other cheeks.

The Religion Of Peace

If they treat believers this way, what will they do to non-believers?

The attackers used army uniforms

Iraqi gunmen have killed 25 people believed to be linked to Sunni militias opposing al-Qaeda, police say.

Five women were among those killed, as the gunmen in army uniforms pulled the victims out of their houses in a village south of Baghdad on Saturday.

The victims were reported to have been tied up before being shot in the head.

Sunni militias turned against al-Qaeda and its militant allies two years ago in what was a key turning point in the campaign to quell the Iraqi insurgency.

[full story]

The veneer of religion is very thin. This is all about power as it has been for more than a millennium.

Texas Here We Come

The politics of George Bush and his Texas lifestyle are roundly hated by the left. But many Americans seem to feel otherwise... especially since the Texas lifestyle seems to come with a job....

From Forbes:

New Geographer

Don't Mess With Texas

Joel Kotkin, 03.30.10, 12:00 PM EDT

Dallas, Houston, San Antonio and Austin are shaping the 21st-century American city.

One of the most ironic aspects of our putative "Age of Obama" is how little impact it has had on the nation's urban geography. Although the administration remains dominated by boosters from traditional blue state cities--particularly the president's political base of Chicago--the nation's metropolitan growth continues to shift mostly toward a handful of Sunbelt red state metropolitan areas.

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