What Caught My Eye Today

Economy - In a rare coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates to prevent a mushrooming financial crisis from becoming a global economic meltdown. The Fed reduced its key rate from 2% to 1.5%. In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5% and the European Central Bank sliced its rate by half a point to 3.75%. The central banks of China, Canada, Sweden, and Switzerland also cut rates. Anyone want to hazard a guess as to how well this move was received? Overseas markets tumbled on worries that the move wouldn't immediately help ease the pain from the financial crisis. The major U.S. indexes moved in and out of positive territory, before turning sharply lower in late trading and leaving the Dow Jones industrials down nearly 190 points. Reading between the lines here, I'd say the rate cuts didn't help much.

In related news...

House Speaker Nancy Pelosi said that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it. Pelosi said that the stock market meltdown, which has caused an estimated $2 trillion loss from pension funds, was a factor in her recommendation for a second stimulus bill. The first relief plan sent out $600-$1,200 tax rebate checks to most individuals and couples this year. No offense intended, Congresswoman, but $150 billion is a far cry from $2 trillion. I believe your heart is in the right place, but how much do you really think this will help? Pelosi said a stimulus package would create jobs by investing in public works, increasing food stamps benefits and extending unemployment insurance for the long-term jobless. She said lawmakers need to "hunker down" and look closely at the federal budget for possible savings, and reconsider whether the U.S. can afford to fight "a war without end" in Iraq. Not sure if you were aware of this or not, but while the worldwide economy is imploding, Congress is on a break until after the November 4 election. It seems that they've decided they need to spend their time getting re-elected to jobs that they aren't doing very well. You just have to love democracy, don't ya?

2008 Presidential Race - So how about that debate last night? Were you as riveted by the proceedings as I was. The commentary from Politico.com suggests otherwise. With the country at one of its most interesting — not to mention terrifying — moments in a generation, John McCain and Barack Obama met in Nashville for what was surely one of the dullest and least satisfying presidential debates in memory. If you think that's a harsh assessment, you ain't seen nothing yet. How the hell did candidates manage to be so timid and uninspiring at a time when American troops are in two problematic wars, the world financial markets are in scary free fall and the Dow has lost 1,400 points since Oct. 1? This is a moment history rarely sees — and both men blew it. Ouch. Here is our appraisal of the factors behind the most disappointing presidential debate ever.

• The presidential debate commission’s rules are a scandal.
  The rules were so constraining, it raises the question: Why even put a moderator in the chair? Tom Brokaw threw up his hands from the outset, apologizing for the constraints he was under, which didn’t allow him to press on evasive answers or encourage a promising exchange. Amen to that. It's like spontaneity is a four-letter word or something.
• The candidates are stumped.
  With McCain and Obama, you have to print out the transcript and read carefully to fully appreciate how they glided past sharp questions. Or completely ignored them.
• There was no independent on the stage.
  An independent on the stage helps highlight — and, with luck — temper the major-party nominees’ usual instinct to pander or avoid telling hard truths about themselves. Yeah, instead we get to listen to the two major party candidates exaggerate the truth to make the other guy like bad. Newsflash, gentleman. Most of us don't give a darned about the character attacks you are launching against each other. Give me some plausible solutions that can make my lot in life better, and I promise you'll have my vote.
• Self-importance.
  Neither of them had especially appealing personalities. Self-deprecation seems not to come naturally to either one. The I-love-me quotient has rarely been higher in one of these debates. I couldn't agree more.

On the bright side, we only have to suffer through one more to this debates, one week from tonight.

Diplomacy - Here's a new approach at dealing with nations that don't see eye-to-eye with you...wine and dine them. The finance chiefs of the Group of Seven major industrial countries had invited Russia to dinner Friday, putting aside differences over its invasion of Georgia. I bet you thought I was kidding, didn't you? Russia was slammed by the United States and European members of the G7 for its August invasion of Georgia. Washington has also warned that Russia's actions threatened its participation in a number of global diplomatic, economic and security bodies, including the Group of Eight, and jeopardized Moscow's bid to join the World Trade Organization. I sure hope they don't put anything funny in the food. Having the Russian dude drop dead after dining with a bunch of Westerners probably wouldn't bode well for future diplomatic talks.