What Caught My Eye Today

Economy - Following the gyrations of the stock market this week is like trying to follow that little dot on Pong. Wall Street snapped back after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief. One day after the biggest point drop in its history, the Dow Jones industrial average rose 485 points, or more than 4.5%. Well, duh. Bargain-hunters were probably tripping over themselves snatching up undervalued stocks when the market opened this morning? Though the blue-chip index rose sharply, the main worry for traders is that a lack of a plan will make it nearly impossible for some companies to fund basic operations like making payroll. Participants in the credit market buy and sell debt that companies use to finance operations. It's times like this when you almost wish there was a Greek tragedy on TV--you know, something to lighten the mood a bit.

2008 Presidential Race - Thursday's debate between often ill-informed newcomer Sarah Palin and often gaffe-prone veteran Joe Biden offers unusually large pitfalls — and promise. Already, 3,100 media credentials have been issued, the most the Commission on Presidential Debates ever needed in seven vice presidential debates it's hosted. I wouldn't be surprised if the folks at Saturday Night Live sent their entire writing staff to the debate for material (like taking candy from a baby). Initially, Palin was praised as a superb political communicator for the delivery of her acceptance speech at the Republican National Convention. She energized the party's conservative base, which had reservations about McCain, and quickly showed she could outdraw McCain on the stump. But a series of shaky Palin television interviews have left even some conservatives questioning whether she is ready to be vice president. She couldn't describe the Bush doctrine in foreign affairs, seemed to have little grasp of the proposed financial industry bailout and even appeared to endorse Democratic presidential candidate Barack Obama's position on chasing al-Qaida terrorists in Pakistan. In fairness to Palin, how many of us know what the Bush Doctrine is (Seriously, there is one you know. Click here if you don't believe me)? Then again, we're not running for the second highest office in the land are we. A veteran debater after his Senate experience and his own two short-lived presidential campaigns, Biden has his own set of challenges. His off-the-cuff speaking style often produces verbal blunders and his reputation as a windy orator will be tested by the tight debate format, which allows 90-second answers and 2-minute follow-ups. In addition, Biden will be debating a female candidate who has excited many women and elicited sympathy over some attacks perceived as sexist. If Biden comes on too strong or is condescending, he could be viewed as bullying or disrespectful. It almost seems as if this debate won't actually produce a winner, but more likely the candidate who said the least amount of dumb things. It's comforting to know that we have such a great choice of backups to the next President.

Russia - Former Soviet leader Mikhail Gorbachev will join forces with Russian tycoon Alexander Lebedev to launch a new political party independent of the Kremlin called the Union of Social Democrats. Though hugely admired in the West, he is deeply unpopular at home for presiding over the 1991 break-up of the Soviet Union that led to economic and political chaos. When he last ran for president, in 1996, he won just half a percent of the vote. I'm not quite sure I see the wisdom in Gorbachev's latest endeavor, but what do I know. The party will press for legal and economic reform and promote the growth of independent media. Yeah, good luck with that, Mr. Gorbachev. Gorbachev has in the past criticized many of the electoral practices of Prime Minister Vladimir Putin's United Russia party, but has stopped short of attacking Putin himself. He also backed Russia's role in last month's war with Georgia, which was widely condemned in the West. Well I guess dude is free to try anything he wants, so long as he doesn't get in Putin's way. I just don't see this making much of a difference on the political landscape. Then again, we are talking about the guy who broke up the Soviet Union, so I suppose anything is possible.

Voting - Could voting for president be hazardous to your health? You mean besides what happens after the dude that wins takes office? An analysis of Election Day traffic deaths dating back to Jimmy Carter's 1976 win suggests yes. The study found that on average, 24 more people died in car crashes during voting hours on presidential election days than on other October and November Tuesdays. That amounts to an 18% increased risk of death. Rushing to get to polling places before or after work, driving on unfamiliar routes, and being distracted by thinking about the candidates were among possible reasons cited by the study's Canadian researchers. What? We've got a bunch of foreigner telling us its dangerous to vote? I smell a rat. The researchers were partly motivated out of concern about public health implications of traffic accidents. Traffic accidents claim about 1 million deaths worldwide each year, including about 41,059 last year in the United States, which has one of the highest traffic death rates among industrialized countries. "We're not advocating a fatalistic attitude, nor are we saying people should refrain from voting," one of the researcher said. "We are recommending more safety advocacy." You know, another way of looking at these statistics would be that more people than average decide to step into the light a bit earlier than they might otherwise have done (especially on election day)...as opposed to suffering through another 4 years head-scratching policies that don't make sense to anyone.