What Caught My Eye Today

Economy - Wall Street struggled to steady itself today, climbing back from an early plunge after the Federal Reserve cut interest rates to restore stability to a faltering U.S. economy. The Dow Jones industrials, down 465 points at the start of the session, recovered to a loss of about 200 points. The U.S. markets joined a global sell off amid growing fears that a U.S. recession could send economies around the world into a downturn. Though stocks regained ground as investors digested the Fed's move to cut the key interest rate by 0.75 percentage point and bargain-hunters entered the market, trading remained volatile and the major indexes fluctuated sharply, at times approaching the break-even point before heading down again. The Fed's decision came a week before the central bank's regularly scheduled meeting, a sign that it acknowledges that the world's financial situation is serious. Well I'm glad to see that the Fed agrees with the rest of the world that the global economy is on life support. All kidding aside, given that the Fed usually moves about as quickly as a slug stuck in a pool of molasses, the fact that they announced this rate cut a week early and a 75 basis point cut at that, brings into clear focus just how precarious a position we are in. Thank goodness, we have some of the brightest minds guiding us through these treacherous time. (Note to self: Call broker and sell everything).

2008 Presidential Race - Democratic candidates Hillary Clinton and Barack Obama engaged in a bitter crossfire yesterday as their U.S. presidential campaign took an ugly personal turn on the Martin Luther King holiday. Obama's complaints about former President Bill Clinton's attacks on him on behalf of his wife's campaign boiled over at a rancorous debate. Hillary Clinton flayed Obama for his praise of the late President Ronald Reagan, a Republican icon reviled by many Democrats. In the televised debate, Clinton accused Obama of praising ideas from the opposition party over the past 10-15 years after Obama said last week that Reagan "changed the trajectory of America." Obama, who would be the first black U.S. president, shot back that he was in no way praising Republican ideas, but simply saying that Reagan had been able to bring political rivals together. Here's the exchange that I liked the best: When Clinton interrupted to say she had not mentioned Reagan, Obama said, "Your husband did." "I'm here, he's not," she tossed back. "Well I can't tell who I'm running against sometimes," Obama replied, a sign of his increasing exasperation at the attack role Bill Clinton is playing in her campaign. The back-and-forth was so fierce that John Edwards, running a distant third in the Democratic race, accused them of squabbling and often had trouble getting a word in edgewise. I'll get to Edwards in a moment. But, see, this is what I'm talking about in getting the spotlight back on the Democrats. Oh sure, Clinton and Obama are probably cannibalizing their respective campaigns with all these personal attacks, but at least it's interesting to watch. As for John Edwards, son, all I can say is this just ain't your year. Maybe the third time will be a charm. See you in 2012.

And this just in... Republican Fred Thompson quit the race for the White House on Tuesday after a string of poor finishes in early primary and caucus states. Thompson's fate was sealed last Saturday in the South Carolina primary, when he finished third in a state that he had said he needed to win. So now we have our first GOP casualty. I'm thinking there will be a few more drop outs before Super Tuesday, and it's looking more and more like we'll have our top 2 or 3 in both races but February 6th or 7th.

Sierra Leone - This story should put into perspective an issue that the world should be ashamed of itself for not acting upon with more vigor. It should, but probably won't. A newborn in Sierra Leone has the lowest chance in the world of surviving until age 5, and the prospects are almost as bad for children in Angola and Afghanistan, according to a U.N. report released today. In 2006, nearly 9.7 million children died worldwide before their fifth birthdays, mostly from preventable causes such as diarrhea, malaria or malnutrition. More than 26,000 children under 5 die each day on average. Sierra Leone had the highest child mortality rate, with 270 deaths per 1,000 births. Angola was second with 260 deaths, followed by Afghanistan with 257. The rate worldwide in 2006, in contrast, was 72 deaths per 1,000 births. The average rate in industrialized countries was six deaths per 1,000 births. Sierra Leone, where a civil war raged from 1991 to 2002, is unable to offer sufficient health services to its citizens, like many war-torn countries such as Angola and Afghanistan, the report said. Sub-Saharan Africa, where the rate has dropped only 14 percent since 1990, is the region of greatest concern. It is home to 28 of the 30 countries with the highest child mortality rates.

Iraq - Meeting the demands of Iraq's Kurdish minority, Iraq's parliament passed a law to change the Saddam Hussein-era flag. The measure was approved by 110 lawmakers of 165 present voting in favor of removing the three stars and changing the calligraphy of the words "Allahu Akbar" in a symbolic break with the past. The Iraqi flag's three green stars are thought to symbolize Saddam's now-dissolved Baath Party, which had three stated objectives: unity, freedom and socialism. They are to be removed under the new law. The Arabic words "Allahu Akbar," or "God is Great," were added after Saddam's army invaded Kuwait in 1990. The Arab-Kurdish differences go to the heart of a wider debate over the future shape of Iraq. A constitution adopted in a nationwide referendum in 2005 recognizes Kurdish self-rule and provides a legal mechanism for other areas to govern themselves. But an overwhelming majority of Sunni Arabs voted against the document and now demand that it be amended. Kurdish authorities have signed several deals with foreign oil companies without the involvement of Baghdad, which says it doesn't recognize the deals. It never ceases to amaze me the power of symbolism that a nation's flag wields. One could make the argument that perhaps the Iraqi government should spend its time on more pressing matters that what it's flag looks like, but without some sort of nationwide symbol that all provinces can get behind, those issues will likely remain unresolved for quite some time.

Cuba - The new parliament chosen by Cuban voters could ultimately send ailing 81-year-old Fidel Castro into permanent retirement. There was no doubt that voters in Castro's home district had re-elected him to the National Assembly, where he must hold a seat to be eligible to stay on as chief of the island's governing body. But it was less clear whether the assembly would choose Castro as council president when it convenes for the first time in February, or whether Castro would step down after nearly 50 years at Cuba's helm. On Sunday, more than 8.2 million people cast ballots — more than 95% of registered voters. They were voting for 614 candidates, all of whom ran unopposed for the rubber-stamp parliament, and all of whom were elected. Cuba maintains that its balloting is more democratic than that of other countries because the candidates are chosen by municipal leaders nominated at neighborhood gatherings. So explain to me how a balloting process is considered democratic when there is only one name on the ballot to choose from?

Sports - Here's belated wrap up of some of the sports headlines that caught my attention...

Skiing - U.S. skier, Bode Miller won the combined title for the slalom and Saturday's downhill at the Hahnenkamm World Cup races in Kitbuehel, Austria, which means he is now the most successful American skier ever with 28 World Cup wins, overtaking Phil Mahre. Through 23 events in the 2007-2008 World Cup Ski circuit, Miller stands in second place, 31 points behind Austrian, Benjamin Raich. When the boy isn't singing the virtues of being anti-establishment, he turns in some pretty good results on the slopes. Nice going.

Tennis - I jinxed myself when I bragged about how well my picks were doing at the Australian Open. Recapping the latest quarterfinal results. #3 seed Jelena Jankovic blew past #7 seed Serena Williams, who was physically present, but who knows what planet her mind was on. Meanwhile, #5 Maria Sharapova smacked #1 Justine Henin 6-4, 6-0, to claim her spot in the semi-finals. #8 Venus Williams is the sole remaining American in the draw and faces #4 Ana Ivanovic in quarterfinal action today. I'm faring a bit better in the men's draw. #2 Rafael Nadal dispatched #24 Jarkko Nieminen in his quarterfinal match and is set to play unseeded Frenchman Jo-Wilfried Tsonga in the semifinals. My boy Roger Federer plays his quarterfinal tonight against #12 James Blake, the last remaining American man. I gotta be honest. If Blake somehow manages to pull this off, I won't be that heartbroken.

Football - You may have heard that the Superbowl is in two week (12 days actually) and the teams are set. Predictably, the New England Patriots are in with a 21-12 victory over the San Diego Chargers in the AFC Conference Championships. This despite one of Tom Brady's worst performances ever. Representing the NFC, we have the New York Giants, who straight up outplayed the Green Bay Packers in Green Bay to win in overtime, 23-20. Early odds, have the Patriots as 13 favorites over the Giants. I'm not so sure I'd take that bet.