What Caught My Eye Today

Economy - First the bad news... Wall Street plunged 447 points as investors grow increasingly fearful about more turmoil in the financial system even after the government's bailout of insurer American International Group Inc. The market's losses are nearly on pace with those seen in yesterday's nosedive and investors are seeking the safety of hard assets and government debt.The Dow is down 4.2% and the S&P 500 is down 5.4% in September, while the NASDAQ has fallen 6.7% month-to-date. Year-to-date, all three major gauges are down between 16.5% and 17.5%. Pretty bleak isn't it? But fear not, I promised you some good news, and good news is what you'll receive. The White House gave a newly nuanced description of the U.S. economy, calling it a mixed picture and saying it ultimately will weather the current turmoil. Well there you have it. The economy isn't tanking; it's just a "mixed picture." Now, don't you feel a whole lot better now?

Yemen - Attackers armed with automatic weapons, rocket-propelled grenades and at least one suicide car bomb assaulted the U.S. Embassy in the Yemeni capital of San'a. I thought things were cool in this part of the world. Apparently not. It's getting rather difficult to keep track of all the terrorist attacks against American interests. Perhaps this is a sign that we're really starting to piss off the likes of al-Qaida and the Taliban and they are resorting to more desperate measures to regain their footing. Sixteen people were killed, including six assailants. No Americans were hurt in the deadly attempt to breach the compound walls, which the U.S. said bore "all the hallmarks of an al-Qaida attack." It was the deadliest attack on a compound that has been targeted four times in recent years by bombings, mortars and shootings. Yemen, the ancestral homeland of Osama bin Laden, has struggled to put down al-Qaida-linked Islamic militants, often to the frustration of U.S. counter terrorism officials. Seems to me it's about time for us to photocopy that executive order authorizing attacks in Pakistan; only this time we'll need to swap out Pakistan and insert Yemen into that box indicating which nation's borders we intend to invade without permission.

North Korea - Kim Jong Il's companion and former secretary is emerging as a key player in the communist nation after the autocratic leader's stroke. South Korean officials are keeping a close eye on Kim Ok amid some intelligence reports that she's not only nursing the ailing leader but also is signing official documents on his behalf. Well, you know the old saying, "Behind every lunatic head of state, there is a woman forging his signature." Kim reportedly suffered a stroke last month and is recuperating following emergency brain surgery — though North Korean officials deny the communist leader, who was last seen in public more than a month ago, is ill. Kim Jong Il was groomed for 20 years to take over as leader, finally assuming the mantle after his father's death in 1994 in the communist world's first hereditary transfer of power. He has three sons but does not appear to have anointed any of them as his heir-apparent. The longer Kim remains bedridden, the greater the likelihood of a power vacuum, though Kim Ok may be poised to fill any void. Experts speculate the North Korean leader's dependence on her during his illness may further bolster her political clout. Especially if she signs his name to orders giving her that clout. But I'm not worried. This Kim broad seems...what's the word I'm looking for? Oh, that's right...this Kim broad seems okay to me (get it? "Ok"..."okay"). I'm just hitting them out of the park today.

China - China received widespread praise for organizing the Summer Olympic Games, which formally ended today with the Paralympics' closing ceremony. Even before then, however, reality reasserted itself with the collapse earlier this month at an illegal mine waste dump that killed at least 259 people and forced the resignation of a provincial governor. Since then, a product safety scandal has roiled the nation, with contaminated milk powder causing the death of three infants and sickening more than 6,200 others. Both crises point to underlying systemic weaknesses that the Olympics did little to eliminate, despite a massive effort to clean up Beijing's polluted air, boost security and ensure smooth logistics. China's mines remain the world's deadliest and creaky infrastructure a constant threat, while an overhaul of the product safety system has proved only partially effective. Yeah, I'd say the honeymoon is over, but man, what a shindig it was. I was tempted to use that 'lipstick on a pig' metaphor, but I think we'll all agree that particular adage has gotten way too much airplay in recent days. In all seriousness, I for one don't find this news all that surprising. Is it realistic to expect all of China's decades old internal issues to magically be solved simply because the Olympic Games were held there. Basically, the games provided a month long diversion. Summer's over, kids, and its back to the grindstone.