What Caught My Eye Today

War on Terror -The economic costs of the wars in Iraq and Afghanistan are estimated to total $1.6 trillion — roughly double the amount the White House has requested thus far, according to a new report by Democrats on Congress' Joint Economic Committee. The report attempted to put a price tag on the two conflicts, including "hidden" costs such as interest payments on the money borrowed to pay for the wars, lost investment, the expense of long-term health care for injured veterans and the cost of oil market disruptions.The Bush administration has requested $804 billion for the Iraq and Afghanistan wars combined, the report stated. Future economic costs would be even greater. The report estimated that both wars would cost $3.5 trillion between 2003 and 2017. Under that scenario, it would cost a family of four $46,400. The report, from the committee's Democratic majority, was not vetted with Republican members. My problem with this sort of report is that you can pretty much apply any assumptions you want to produce the outcome you are looking for. Plus, what does this report--valid or not--tell us that we don't already know? I don't think there is anyone, the President included, that doesn't agree that this has been a costly endeavor. The real question is, what are we going to do know? Nothing in this report seems to suggest an answer.

UK - Gordon Brown has said Britain's "most important" relationship is with the US, in his first major foreign policy speech since becoming prime minister. He warned that he had "no truck with anti-Americanism" and said the EU should strengthen ties with the US. Mr Brown also called for more "hard-head internationalism" in peacekeeping, aid and reconstruction. The speech followed reports that Mr Brown was keen not too appear as close to President Bush as his predecessor, Tony Blair. Has anyone noticed the recent show of goodwill to the U.S. by newly elected European leaders? First German Chancellor, Angela Merkel, then newly elected French President, Nicolas Sarkozy, and now British Prime Minister Gordon Brown. I'm not saying there is anything wrong, but it is a bit curious. A couple of years ago, Europe was lining up to criticize the U.S. Now we have newly elected officials singing the praises of the U.S. It is kind of hard to believe that these countries' electorates had a sudden change of heart about the U.S. and voted in U.S. friendly leaders.

San Francisco - A harbor pilot under investigation in San Francisco Bay's biggest oil spill in two decades initially believed the damage to his ship was minor, radioing that the vessel had just "touched" the Bay Bridge. In fact, last week's collision ripped a gash in the fuel tank of the Hong Kong-based Cosco Busan, unleashing 58,000 gallons of thick, toxic fuel oil that was still being cleaned up. The spill, initially reported at just 140 gallons, ended up being hundreds of times worse. The collision caused no structural damage to the bridge, but the fuel has fouled miles of coast, closed nearly two dozen beaches and piers and killed dozens of seabirds. More than 12,000 gallons of oil had been recovered by Monday, but much of it never will be, the Coast Guard said. Some will evaporate or dissipate and be absorbed into the environment. The oil spill was the biggest since 1988, when 400,000 gallons of oil spilled after a Shell refinery drain line broke. Another spill in 1996 poured 40,000 gallons of oil into the bay from a military vessel near Pier 70. The problem with 'touching' as the pilot so eloquently understated is that when you are talking about a really big boat mixing it up with a really big bridge, that 'touching' is likely to inflict some serious damage on something. Frankly, I'm surprised the boat didn't sink right on the spot.

In the spirit of the old saying 'things could always be worse,' sadly we have another incident that makes the oil spill in San Francisco almost insignificantly by comparison.

Black Sea - A fierce storm in the Black Sea sank at least five ships on Sunday, killing at least three sailors and causing a massive oil spill that could lead to severe environmental damage. A powerful storm that has hit the Sea of Azov and parts of the Black Sea since Sunday has sunk about 10 ships, and the large quantities of oil and chemicals that have leaked from the ships have caused fears of an environmental disaster in the area. One ship alone spilled 560,000 gallons into the Black Sea when it split in two. At least three sailors have died and 20 sailors are missing. 35 crew members from the stricken vessels were rescued. Soldiers and emergency workers from Russia and Ukraine are working hard to clean up the oil spill that has reportedly killed some 30,000 birds. When you look at a incident like this, you have to appreciate how fortunate the Bay Area was that it didn't suffer more damage than it did.

Air Travel - In the annals of excess, it could be a new high: a more than $300 million, super-sized luxury airplane, bought and outfitted solely for the private comfort of a Saudi Arabian billionaire. Once done, the Airbus A380, the world's biggest passenger plane, will be a "flying palace" for Prince Alwaleed bin Talal, the manufacturer announced. Airbus would not give a specific price tag for the VIP double-decker jet, with its football field-length wings, saying only that it would cost more than the aircraft's list price of $320 million. That doesn't even include the money the prince will spend to custom fit the nearly 6,000-square foot plane to include whatever he wants. The options include private bedrooms, a movie theater or even a gym with a jacuzzi. He'll also need a flight crew of about 15 to operate the luxury liner. As a member of the Saudi royal family, he benefits from the country's vast oil wealth. But much of bin Talal's huge fortune comes from his investment firm, the $25-billion Kingdom Holding Co., which has stakes in Rupert Murdoch's News Corp., Fairmont Raffles Hotels International Inc., Time Warner Inc., Apple Inc., PepsiCo Inc., Walt Disney Co. to name a few major corporations. The prince, who is in his early 50s, appears to have a taste for super-sized jumbo jets. He already is the only private owner of a Boeing 747-400. Okay, this is going to totally sound like sour grapes, but I have to say it. This guy is totally compensating for having a small wee-wee. What other possible explanation could there be. For crying out loud, an A380 and a 747? Gimme a break. If you have too much cash on your hands, how about kicking some of it in for a good cause like say world peace...or maybe my retirement fund?