Except according to the Lord's plans -- which are not known to man -- the "end of the world" is not nigh, although to listen to politicians and pundits, we should be packed and ready to go by next Thursday.
Damn the torpedoes! Up periscope! Full speed ahead! Ben Bernanke and the Fed to the rescue!
During a period like this, with stocks plunging almost on a daily basis, it’s clear that fear and shock are ruling the roost. But fear can be overdone. As someone who has been around awhile and has seen many sell-offs, let me offer some advice: Do not panic. Market corrections come and go. They are not the end of the world. Most times they are actually healthy.
The stock market plunged over 500 points last Thursday, but no one seemed very perturbed about it in this tiny factory town. Three days before, Central Falls had filed for a Chapter 9 bankruptcy. These working-class folk see bottoms fall out on a regular basis.
Why aren't voters moving to the left, toward parties favoring bigger government, during what increasingly looks like an economic depression? That's a question I've asked, and one that was addressed with characteristic thoughtfulness by Democratic pollster Stanley Greenberg in The New York Times last week.
There he goes again. Out on the campaign trail, President Obama is proposing more federal spending as his answer to sluggish growth and jobs. That won’t do it, Mr. President.
What a week it has been! As the political world recovers from its deep exhaustion and wonders about the fallout from the debt ceiling deal, it’s worth taking a step back.
"Leading from behind." That's what an unnamed White House aide told the New Yorker's Ryan Lizza that Barack Obama was doing on Libya.
Stocks and bond yields are sinking as Wall Street disses the debt deal and instead focuses on a likely double-dip recession.
The debt deal, if it sticks, is a triumph for the bipartisan, status quo-clinging Washington establishment. Here is a prediction: Between now and January 2013, total actual spending cuts will be minimal. That will result from the following: (1) The $900 billion deficit reduction is almost all back-loaded to the years beyond 2012. (2) The select committee created by the budget deal will fail to pass a "second tranche" deficit-cut package of an additional $1.5 trillion. (3) The "trigger" will be pulled that will identify an additional $1.2 trillion. (4) The pulled trigger won't require any more deficit reductions to go into effect until 2013, when a new Congress and either a new president or a re-elected President Obama will be able to re-decide (or repeal) all these decisions. That president will also have to decide what to do with the expiring Bush tax cuts, which if extended would be scored to increase deficit by $3.5 trillion over ten years. (5) The debt ceiling will not need to be raised until 2013.
Ed Rendell, do you have plans for 2012? Hillary Clinton? If you, the former Democratic governor of Pennsylvania, or you, the secretary of state, are free next year and wouldn't mind, would you please launch a primary challenge against President Obama?
Everyone seems pretty cross at this juncture in the fight over raising the debt limit. As this is written, the House has just passed the bill that Speaker John Boehner yanked from the floor Thursday night and then revised with a balanced-budget amendment on Friday. The Senate has yet to pass Majority Leader Harry Reid's measure that in many but not all respects is not that much different.
The world is becoming unbalanced. In pockets across the globe, women are giving birth to too many boys. In China, the sex ratio is 121 boys to 100 girls. In India, it's 112-to-100. Sex selection also is a force in the Balkans, Armenia and Georgia. In her eye-opening book, "Unnatural Selection: Choosing Boys Over Girls, and the Consequences of a World Full of Men," journalist Mara Hvistendahl estimates that ultrasound and abortion have "claimed over 160 million potential women and girls -- in Asia alone." That's more than the entire female population of the United States.
The global impact of the American debt crisis -- and the likelihood of permanent damage to American interests -- are already visible to Sen. John Kerry, D-Mass., from his perch as chairman of the Senate Foreign Relations Committee. Indeed, he is not only seeing but hearing those effects.
They were texting their parents as they were being killed.
Women run companies and countries. Some even play on co-ed football teams. But there's one glaring gender disparity that never gets better and only seems to grow: comfort.
Standard & Poor's government-credit-ratings guru David Beers played his cards close to the vest on the topic of a U.S. downgrade in our CNBC interview this week. However, this head of S&P's global sovereign-ratings business -- with a staff of 80 covering 126 countries -- issued three strong warnings to the debt-ceiling negotiators in Washington.
Here is what I do not understand: President Barack Obama is acutely aware of what will happen if Congress fails to raise the government's $14.3 trillion debt ceiling. As he told the nation Monday, if Washington does not raise the debt ceiling by Aug. 2, rating agencies are expected to downgrade the government's AAA credit rating, and interest rates will rise for everyone. The fallout could spark "a deep economic crisis."
Most presidents affect the standing of their political parties. Ronald Reagan advanced his party's standing among young voters. So did Bill Clinton.
The headlines on the Drudge Report make it sound worse than it is: "Blacks, liberals flee in droves." And underneath: "Sanders (that's Bernie Sanders, the Independent from Vermont): Obama should face primary challenger." And above: "Obama's Base Crumbles."
