What Caught My Eye Today

Housing - President Bush announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. Housing analysts said it was highly likely the limited steps Bush outlined will be expanded in coming weeks by a Democrat-controlled Congress intent on responding to growing voter anxiety as up to 2 million homeowners worry about losing their homes. Bush's proposals would make it easier for borrowers now holding adjustable rate mortgages that are resetting to higher monthly payments to refinance those loans using the resources of the Federal Housing Administration. Officials in the troubled housing industry said the important thing was that the administration had finally offered a proposal, a step they said should help calm global financial markets. I think it's a little bogus to be criticizing the President for dragging his feet on this one. Actually, Bush responded pretty quickly if you ask me. Plus, how is it his fault that the mortgage lending industry got itself into this mess through its own doing? Still, for the folks on the verge of losing their homes, I hope this provides some relief.

Military - Military chiefs conveyed to President Bush their concern about a growing strain on troops and their families from long and repeated combat tours. Bush met privately at the Pentagon with the Joint Chiefs of Staff and Defense Secretary Robert Gates in preparation for decisions about how long to sustain the U.S. troop buildup in Iraq, whether to change course this fall and how to save the health of a heavily stressed Army and Marines Corps. Indications are that Bush intends to stick with his current approach, at least into 2008, despite persistent pressure from the Democrat-led Congress — including some prominent Republicans — to find a new course.
Bush's critics point to mounting evidence that while the troop buildup may have halted the escalation of sectarian violence in Baghdad, the Iraqis are making almost no headway toward political reconciliation. There are no signs that the Pentagon's top generals and admirals are pushing for an early end to the war, but they are concerned not only about strains on troops but also about the possibility that the heavy focus on counterinsurgency warfare in Iraq leaves the military ill-prepared in the event of a crisis elsewhere. So this shoud be interesting. Bush has said all along that we should reserve judgment about the situation in Iraq until after the military has given its assessment of the situation. What's Bush going to do if the report contradicts his current policy?

Senate - Idaho Senator Larry Craig will announce his plans on September 1 after widespread calls from fellow Republicans to resign over a men's room sex sting. Craig has been out of public view since Tuesday, but Republican sources in Idaho said he spent Friday making calls to top party officials, including the governor, gauging their support. There has been virtually none publicly. Asked at the White House if the senator should resign, President Bush said nothing and walked off stage. We'll that speaks volumes, doesn't it. At this point, Craig's resignation appears to be more of a formality than anything else.

Global Warming - In Vienna, Austria, negotiators from 158 countries reached basic agreement Friday on rough targets aimed at getting some of the world's biggest polluters to reduce emissions of the greenhouse gases blamed for global warming. A weeklong U.N. climate conference concluded that industrialized countries should strive to cut emissions by 25 percent to 40 percent of their 1990 levels by 2020. The 2020 targets are not binding, but they were seen as an important signal that industrialized nations are serious about slashing the amount of carbon dioxide and other dangerous gases to try to avert the most catastrophic consequences of global warming. The agreement sought to ease concerns that the emissions target might be too ambitious for some nations, noting that efforts to cut back on airborne pollutants are "determined by national circumstances and evolve over time." But it made clear that greenhouse gas emissions must be reduced to "very low levels" to guard against potentially deadly flooding, drought and other fallout. The agreement does not include the U.S., which has not ratified the Kyoto Protocol. Why bother changing our position now?

Greece - After a week of fighting wildfires, emergency crews in Greece say they have all the blazes under control. But officials are concerned that high winds and hot temperatures may reignite fires. Thousands of firefighters from Greece and other European countries remain on alert should the situation worsen. 64 people were killed as high winds and hot temperatures fanned fires on the Peloponnese Peninsula and the island of Evia, north of Athens costing the country about $1.7 billion US. Now that the fires are under control, the hard part can begin--recovery. Given how badly the government botched its handling of the fire, I don't see much chance of this relief effort going very smoothly. Here's hoping that I'm wrong.

Girl Power - German chancellor Angela Merkel again ranks No. 1 on Forbes magazine's list of the the world's 100 most powerful women (click here for the full list). Merkel, who became Germany's first female chancellor in 2005, topped the 2006 list too. Second place on the latest list goes to Chinese vice-premier Wu Yi. In third place is Ho Ching, wife of the prime minister of Singapore and head of a state-owned investment company. U.S. Secretary of State Condoleezza Rice, who was No. 1 in 2005 and No. 2 in 2006, comes fourth this time. Well done, Chancellor. No doubt, the Fatherland is proud of you. Or perhaps now, we should refer to Germany as the Motherland in recognition of your achievement.

Wrestling - World Wrestling Entertainment has suspended 10 of its wrestlers for violations of a policy that tests for steroids and other drugs. Under a WWE wellness policy instituted last year that requires tests for steroids and other drugs, a wrestler faces a 30-day suspension without pay for a first violation, a 60-day suspension for a second violation and firing for a third violation. Performers are tested at least four times per year. WWE said the company's practice has been to not release the names of suspended wrestlers, but the company has notified performers that starting Nov. 1 the names of those suspended for violating the policy will be made public. I'm not quite sure what to make of this. There aren't too many people left out there who think wrestling is actually a sport. Still, I suppose the WWE should be applauded for enforcing its drug policy just like any other business would do.