What Caught My Eye Today

Economy - After two weeks of anguishing debate, Congress has passed and President Bush signed a massive plan to save the financial industry and the economy at large from an unthinkable free fall. Now, the world holds its breath, seeing if it will work. Excuse me for a moment while I check to see if there are any pigs flying around outside. The legislation gives the government broad authority to buy up toxic mortgage-related investments and other distressed assets from shaky financial institutions. The hope is that it will restore confidence in markets and thaw a near-freeze in credit availability. The immediate response to the 263-171 vote was not promising. Wall Street, fell 157 points on Friday as more economic bad news, such as a jump in job losses, outweighed news that Congress was finally coming to the rescue. What's this? The American public doubts Congress' ability to fix this mess? Imagine that. Barack Obama spoke to many in the Congressional Black Caucus and helped persuade 13 to switch their votes. Nine freshmen Democrats also switched to "yes" votes after a conference call with Obama in which he promised an economic stimulus bill would be a top priority if he is elected. Republican John McCain also lobbied for the measure, according to aides who declined to release a list of lawmakers he called. Is that possibly because McCain didn't sway as many votes as Obama did? I think the issue here--and for a change, I agree with Wall Street--is that passage of this bailout package was probably the easiest part of trying to salvage the economy. Now Secretary Paulson has to figure out how to implement this program and hope to hell that it works. Oh yeah, didn't you hear? There's no guarantee that this $700 billion bailout program will actually help.

2008 Presidential Race - First a belated comment on the Vice Presidential debate on Thursday night. In a word, disappointment. Here I was tuning in to watch either Sarah Palin or Joe Biden say something stupid--as the media strongly suggested would happen--and what did I get? 90 minutes of mostly well-constructed and well-articulated arguments. What a letdown. Oh sure, Palin avoided some questions and the general consensus was that Biden won the debate based on the substance of his responses, but where were the meltdowns that I was promised? That being said, we do have a nice little nugget from Palin. Seems she didn't get the memo on John McCain's decision to cease campaign operations in Michigan. Palin said she was disappointed that the McCain campaign decided to stop competing in Michigan, an indication that the vice presidential candidate had not been part of the decision. Word of the McCain campaign's decision to move staff out of Michigan and stop advertising in the state broke around midday Thursday — the same day as Palin's vice presidential debate against Joe Biden. The campaign had decided that the $1 million a week it was spending in Michigan wasn't worth it with internal polls showing Democratic nominee Barack Obama approaching a double-digit lead. Apparently, Palin also forgot to read that chapter in "Running for Vice President for Dummies" where it says, when the vice president's opinion is asked for, the president will tell him or her what it is.

Iran - The Bush administration has shelved plans to set up a diplomatic outpost in Iran, in part over fears it could affect the U.S. presidential race or be interpreted as political meddling. The proposal to send U.S. diplomats to Tehran for the first time in three decades attracted great attention when it was floated over the summer, but has now been placed on indefinite hold as November's election nears and Iran continues to defy demands to halt suspect nuclear activities. Given the state of the American political system, I cannot altogether disagree with this decision (as much as it pains me to ever agree with the Bush administration). I think the tragic aspect of this story is that the peace process--or at least our role in it--has to take a backseat to the political process. Last time I checked, peace didn't run for election every four years. I'm not sure the precedent being set here bodes well for future diplomatic efforts. I can see it now. You better get all your peace talks done in those off-election years. Yeah, that'll work.

India - The top American and Indian diplomats lauded a new agreement that opens up U.S. nuclear trade with India, but they stopped short of signing the deal, which some private U.S. arms control experts say is likely to speed up nuclear arms competition in Asia. The Senate earlier in the week approved legislation authorizing President Bush to make the deal. Wow, the Senate sure was busy this week. An economic bailout and foreign policy all in the same week? That's almost enough to make you wonder if these guys do some real work. Oh, who am I kidding. This was probably just an anomaly. Once Bush signs the authorizing legislation, he is required to certify that the agreement with India is consistent with U.S. obligations under the Nuclear Non-Proliferation Treaty, designed to limit the spread of nuclear weapons. He must also certify that it is U.S. policy to cooperate with international efforts to further restrict transfers of technology related to uranium enrichment and the reprocessing of spent nuclear fuel. The U.S. agreement on civil nuclear cooperation allows American businesses to begin selling nuclear fuel, technology and reactors to India in exchange for safeguards and U.N. inspections at India's civilian — but not military — nuclear plants. The Bush administration considers the deal a crowning achievement of the president's second term in office. It could, however, turn out to be the last major diplomatic achievement of a presidency that is struggling in its final months on a number of other fronts, including a setback in relations with Russia after its invasion of Georgia and the prospect of a breakdown in a nuclear agreement with North Korea. I suppose the concept of 'achievement' suggests something positive. I say this because it's a little unfair to say that Bush's foreign policy hasn't achieved much. I personally believe that the failures Bush has tallied up over the past 8 years is quite the achievement. Some real effort was put in to foul up as monumentally as he has. But like I said, I'm guessing that they were looking for some positive 'achievements'. So it is in that spirit that I say, "Way to go, Mr. President on that groundbreaking agreement with India, which--oh, by the way--includes no inspection of military nuclear plants where nuclear weapons are most likely to be produced.

What Caught My Eye Today

Economy - You all may want to sit down for this one. Congress actually did something for a change. After one spectacular failure, the $700 billion financial industry bailout found a second life, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened. Yeah, I'm sure that the fact that most Republican Senators aren't up for re-election in 5 weeks like most of the House is had not to do with this. Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25. The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession. The Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance. On one hand, I'm happy to see that some progress is being made on the economy, yet part of me still cannot figure out why Congress cannot focus on just one thing--you'd think the economy was a big enough thing to warrant the Senate's full attention--without tacking on a bunch of unrelated legislation.

Afghanistan - General David McKiernan, the top American commander in Afghanistan, The U.S. and its allies should rush more troops "as quickly as possible" and warned that the fighting could worsen before it get better. Defense Secretary Robert Gates has asked the military for additional surveillance drones and armored vehicles right now for Afghanistan as a a short-term solution to a persistent shortfall of military assets in a seven-year war often overshadowed by the larger U.S.-led conflict in Iraq. The U.S. is in a tough fight against determined killers, President George Bush said. With that in mind, I'm sure you'll find this next bit completely unsurprising. The Pentagon announced orders to deploy about 26,000 troops to Iraq beginning next summer, evidence of the struggle to shift troops and weapons. The deployments would allow the U.S. to keep troop levels largely steady in Iraq through much of next year. Military leaders have made it clear they cannot shift more troops to Afghanistan until they can further cut force levels in Iraq. I was going to make a crack about 'military intelligence,' but in this case, I think the brain trust resides entirely with the rocket scientists in Washington.

AIDS - The AIDS virus has been circulating among people for about 100 years, decades longer than scientists had thought. In terms of geological time, that not even a blink of an eye. Genetic analysis pushes the estimated origin of HIV back to between 1884 and 1924, with a more focused estimate at 1908. Previously, scientists had estimated the origin at around 1930. AIDS wasn't recognized formally until 1981 when it got the attention of public health officials in the United States. Yes, apparently AIDS wasn't an actual virus until it started killing Americans. Experts say it's no surprise that HIV circulated in humans for about 70 years before being recognized. An infection usually takes years to produce obvious symptoms, a lag that can mask the role of the virus, and it would have infected relatively few Africans early in its spread. Now that I can believe. What with all the famine and genocide, it would have been difficult for the virus to spread very quickly. The hosts were dying off too fast.

Housing - I'm not sure if this last item is funny or tragic. With a winning bid of just $1.75 on eBay, a Chicago woman has won an auction for an abandoned home in Saginaw, Michigan. Her bid was one of eight for the home. You mean there were lower bids? There's a notice on the door of the home saying a foreclosure hearing is pending. She must pay about $850 in back taxes and yard cleanup costs. It's always those hidden costs that hit you in the wallet. Still, the notion that you can buy a house for the price of a cup of coffee is pretty remarkable, even if it is Michigan that we're talking about. (I'm probably going to get some flack for that one).

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.

What Caught My Eye Today

Economy - Here's a recap of today's episode of "Without a Trace: What Happened to the Economic Bailout?" In a vote that shook the government, Wall Street and markets around the world, the House defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging 777 points, the most ever for a single day. Does anyone besides me appreciate the irony here? How long have trip-7s been considered lucky? I'm betting that little tradition goes by the wayside. In a remarkable display a majority of House members slapped aside the best version their leaders and the administration had been able to come up with, bucking presidential speeches, pleading visits from Paulson and Federal Reserve Chairman Ben Bernanke and urgent warnings that the economy could nosedive without the legislation. The bill went down, 228-205. In the face of thousands of phone calls and e-mails fiercely opposing the measure, many lawmakers were not willing to take the political risk of voting for it just five weeks before the elections. So just out of curiosity, did these guys vote "no" because the legislation was truly bad, or were they just looking to bolster their chances for re-election in November. I really hope--and I sincerely mean that--it was the former. These folks are elected to do what's in the best interest of the country, not their next election campaign.

2008 Presidential Race - The first debate between John McCain and Barack Obama, seen by an estimated 52.4 million viewers on Friday, was one of the first events of the presidential campaign that was not a huge TV hit. The audience was 10 million less than the first debate between President Bush and Democratic challenger John Kerry in 2004, according to Nielsen Media Research. It wasn't even one of the 10 most-watched presidential debates, falling well short of the record 80.6 million people who saw the only debate between President Carter and Ronald Reagan in 1980. Well golly, I'm sure that has nothing to do with the fact that this campaign has been carrying on for the better part of two years already. And then there was that minor little detail that it wasn't clear until midday Friday that the debate was even taking place; McCain earlier in the week had called for it to be postponed because of the nation's financial crisis but changed his mind on Friday and agreed to participate. Of course, I'm gearing up for the main event this Thursday between vice presidential candidates Joe Biden and Sarah Palin. I've been jonesing for some good comedy for ages. I just hope girlfriend doesn't disappoint.

Honduras - Well, lookey here, another success story for U.S. foreign policy. Honduran President Manual Zelaya said that he was forced to orient his country toward Venezuela after the U.S. ignored his pleas for help. Zelaya said rising food prices have been hurting impoverished Hondurans for months. Venezuelan President Hugo Chavez offered Honduras $300 million in year in agricultural investment and other aid. Gee, that's nice. How is it that a lunatic like Chavez can be chalking up support from the likes of Bolivia, Cuba, Russia and Honduras, while the United States seems to be losing friends left and right? I guess it all depends on who you characterize as the lunatic. I was under the impression that Chavez was.

Canada - Dude, these guys are so cool. Canadian liberals have launched an unusual "vote swap" on the social networking web site Facebook, in a bid to oust the Conservative Party from power in upcoming parliamentary elections. Sweet. A supporter of the leftist New Democratic Party whose candidate has little chance of winning his district, could pledge to vote for the centrist Liberal candidate in exchange for a Liberal supporter agreeing to vote NDP in a district where the NDP has the best chance. The point is to maximize the chances for beating the Conservative candidate in the district and oust Prime Minister Stephen Harper. The Canadian election board has determined that the tactic is not illegal, as long as nobody offers money or goods in exchange for votes. So riddle me this, why can't we Americans come up with this sort of ingenious--and more important, legal--thinking when it comes to Presidential elections?

Music - I had to find something to lighten up the mood on an otherwise thoroughly depressing day. I do believe I found something that fits the bell...I mean bill. Feel like something's missing from your favorite jams. Maybe they need...more cowbell. Go ahead, make it happen (click here). "More cowbell" is an American pop culture catch phrase originally derived from an April 8, 2000 Saturday Night Live comedy sketch about the recording of the song "(Don't Fear) The Reaper" by Blue Oyster Cult. The sketch featured guest host Christopher Walken as music producer Bruce Dickinson and Will Ferrell as fictional cowbell player Gene Frenkle.

What Caught My Eye Today

2008 Presidential Campaign - The economic crisis and raw politics threatened to derail the first presidential debate as John McCain challenged Barack Obama to delay the Friday forum and join forces to help Washington fix the financial mess. Obama rebuffed his GOP rival, saying the next president needs to "deal with more than one thing at once." Obama said he would proceed with his debate preparations while consulting with bailout negotiators and Treasury Secretary Henry Paulson. McCain said he would stop all advertising, fundraising and other campaign events to return to Washington and work for a bipartisan solution. If this smacks of political posturing, that's because it is. I'm sure both of these guys wants to do right by the American people, and salvaging the economy is likely the top priority of both candidates. But it is painfully obvious that both statements were carefully calculated to position either McCain or Obama in the best possible light. I have a hard time believing that McCain is trying to purposely delay a debate against Obama, though I have to agree with Obama on one point. The next President is going to need to be able to multi-task on a fairly regular basis.

Economy - In today's episode of "As The Economy Tanks", Sarah Palin shares her insights on the current state of affairs. Asked whether there's a risk of another Great Depression if Congress doesn't approve a $700 billion bailout package, Palin said, "Unfortunately, that is the road that America may find itself on." Palin said the answer to the financial crisis doesn't necessarily have to be the bailout plan that the Bush administration has proposed, but that it should be some form of bipartisan action to reform Wall Street. "...we know that inaction is not an option and as Senator McCain has said unless this nearly trillion-dollar bailout is what it may end up to be, unless there are amendments in Paulson's proposal, really I don't believe that Americans are going to support this and we will not support this" So let me see if I can break this down. Palin says that we're likely to be headed for another Great Depression if this $700 billion package is not enacted, and then in the next breath goes on record saying that neither McCain nor the American people are in support of it. So where does that leave us? McCain has insisted Palin is ready to take over as president, but he made no mention of including her in the meetings he wants in Washington to deal with the financial crisis. Well honestly, if Palin is going to be Vice President, she had better get used to being snubbed by her boss. Not every Vice President can be a Dick Cheney.

Sarah Palin - I realize that this next item will make it appear as if I'm dumping on America's favorite hockey mom, but honestly, I'm just reporting the news as I read it. Recent surveys have shown that Palin's popularity, while still strong, has begun to fade. Palin has been in New York this week for a series of meetings with foreign leaders, part of an effort by Republican John McCain's presidential campaign to counter criticism that the former small-town mayor lacks the experience to be vice president, let alone president in an emergency. As Palin sought to establish her credentials in world affairs, first lady Laura Bush said, Asked if she thought Palin had sufficient foreign policy experience, the first lady said: "Of course she doesn't have that. You know, that's not been her role, but I think she is a very quick study, and fortunately John McCain does have that sort of experience." Dude, that's harsh. Even the First Lady is taking swipes at Palin.

China - While China grapples with its latest tainted food crisis, the political elite are served the choicest, safest delicacies. And it's all supplied by a special government outfit that provides all-organic goods from farms working under the strictest guidelines. Knowing that their leaders do not face these problems has made some people angry. You don't say. Now that the country's most reputable dairies have been found selling baby formula and other milk products tainted with an industrial chemical that can cause kidney stones and kidney failure, many Chinese don't know what to buy. Tens of thousands of children have been sickened and four babies have died. Yup. There's no elitism going on here. For a country that claims to be socialist there certainly appears to be a lot of evidence to suggest a significant gap--one might be tempted to say chasm--between the haves and the have-nots.

Iran - Iran is nearing the ability to arm a nuclear warhead even if it insists its atomic activities are peaceful, the European Union warned. In comments prepared for delivery to the International Atomic Energy Agency's 35 board members, the EU also asserted that Iran appeared to have had a past nuclear arms program despite its denials. I'm used to remarks like this coming from the U.S. Maybe we helped with the language, because this sure sounds like stuff we'd be saying. The main international concerns focus on the country's refusal to freeze uranium enrichment despite three U.N. Security Council sanctions and its blocking of IAEA attempts to follow up on intelligence suggesting it was developing a nuclear arms program until several years ago. Iran insists its nuclear activities are geared only toward generating power. But Israel says the Islamic Republic could have enough nuclear material to make its first bomb within a year. The U.S. estimates Iran is at least two years away from that stage. I'm no expert, but seriously, how hard is it to tell if a country is developing nuclear weapons or not? If we could nail North Korea, shouldn't we be able to do the same with Iran?

North Korea - Speaking of North Korea and nuclear armament... North Korea moved closer to restarting its nuclear arms program barring U.N. inspectors from its main plutonium reprocessing plant and announcing it will reactivate the facility that provided the material for its atomic test blast. The move fed fears about a resurgent nuclear North Korea, but there also is speculation it might be motivated by negotiating strategy. Pyongyang could use the year needed to restart its sole reprocessing plant to wrest more concessions from the U.S. and others seeking to end the atomic program. The nuclear facilities were shut down and then sealed as part of a North Korean pledge to disable its nuclear program. That was meant to be a step toward eventually dismantling the complex in return for diplomatic concessions and energy aid equivalent to 1 million tons of oil under a February 2007 deal with the U.S., South Korea, China, Russia and Japan. But the accord hit a bump in mid-August when the U.S. refused to remove North Korea from its list of states that sponsor terrorism until the North accepts a plan for verifying a list of nuclear assets that the North Korean regime submitted to its negotiating partners earlier. Okay, so maybe we're not doing so well here either, but at least we know that North Korea has the capability to create nuclear weapons. My concern about Iran, as opposed North Korea, is that they don't need the economic assistance that North Korea has. See Iran has a bunch of oil which, last time I checked, commands a fair price these days.

What Caught My Eye Today

Corruption - Somalia remains at the bottom of Transparency International's annual Corruption Perception Index for 2008. The ranking measures perceived levels of public sector corruption in 180 countries and draws on surveys of businesses and experts. There was little change at the bottom from last year — with Somalia closely followed, as in 2007, by Myanmar, Iraq and Haiti. At the rate these folks are going, we might as well retire them to the Hall of Shame. The report pointed to worsening performances by Britain, which slipped to 16th from 12th, and Italy, down to 55th from 41st. The U.S. was in 18th place, compared with 20th last year. The report noted that it remains among the lowest-ranked leading industrial countries. I hate to point out the obvious, but does anyone really think that the demise of all those investment banks had nothing to do with corruption? Heck I'm surprised that the U.S. actually improved year over year.

Iran - In a blistering speech before the United Nations General Assembly, Iranian President Mahmoud Ahmadinejad blamed "a few bullying powers" for creating the world's problems and said the "American empire in the world is reaching the end of its road." Always nice to see one of Ahmadinejad in top form, especially on a world stage like the U.N. Assembly floor. He went on to say that countries are turning their backs on "bullying powers." And while he insisted Iran's nuclear activities are peaceful, Ahmadinejad blamed the same powers for seeking to hinder it "by exerting political and economic pressures on Iran, and threatening and pressuring" the International Atomic Energy Agency. Seeing as the IAEA doesn't seem to be having much of an impact in either Iran or North Korea, I'm not sure this alleged 'threatening and pressuring' is making much of a difference. Those powers, meanwhile, are building or maintaining nuclear stockpiles themselves, unchecked by anyone, he said. Say what you will; technically, psycho-boy is right on this particular point. As Ahmadinejad spoke, the only person at the United States table was a note-taker; no U.S. diplomat was present. Yeah I bet that show of defiance by the U.S. sure showed him who was boss.

Oil Drilling - Stop me if you've heard this one before. Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a months-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer. A provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election. Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto. So the Democrats caved again. How is it--and again, stop me if you've heard this one before--that a lame duck President with a historically low approval rating can bend the Democratic-control Congress to his every whim. I just don't get it.

Atom Smashing - Scientists will have to wait until spring to use the world's biggest particle collider for groundbreaking research because repairs to damage will run into the laboratory's normal winter shutdown. What normal shutdown? These guys just turned this thing one a week ago. The European Organization for Nuclear Research earlier said an electrical failure, nine days after the collider was first started, released a large amount of liquid helium into the tunnel. Experts have gone into the 17-mile circular tunnel housing the Large Hadron Collider to check on damage caused when an electrical connection between two magnets apparently melted. But they have to wait several weeks before the temperature can be raised from near absolute zero so they can actually go inside the equipment and fully assess the damage. Apparently, it didn't come with a heating unit that could have sped up the thawing process. At least two months will be needed for the whole procedure, including the rechilling of equipment to obtain the "superconducting" properties needed to send subatomic particles streaming through the collider in beams that can be collided for studies. That would go past the shutdown already scheduled for CERN's facility to begin its winter break. It usually shuts in mid-November and resumes at the end of March or early April, to avoid its heavy use of electricity during the winter months when Europe has high demand for power. Nor did it come with its own power supply. Amazing how little 9.3 billion dollars (or 6.4 billion Euros) will get you these days. No heat or electricity. But hey, at least they can collide atoms...or at least they could for 9 whole days.

What Caught My Eye Today

Economy - Elation in the financial markets over the $700 billion bank bailout plan evaporated as the Dow Jones industrials lost 372 points, wiping out the gains the index made last Friday after administration officials and congressional leaders promised swift action to get bad debt off the books of banks and end the financial crisis. The sharp drop was reminiscent of last week's wild trading, which included two days of 400-plus-point drops for the Dow and two days of 300-plus-point increases. Can you say roller coaster? Worries that the rescue package would cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy also led global investors to flee the U.S. dollar. Imagine that. Honestly, what's got everyone so freaked out, we're only talking about $700 billion. That's, like what, the Gross Domestic Product of... all but 16 countries (click here)? Holy crap. Oil prices briefly spiked more than $25 a barrel before falling back to settle at $120.92, up $16.37, on the New York Mercantile Exchange. That shattered the previous record for a one-day jump in crude oil, $10.75. Shattered seems like a bit of an understatement, wouldn't you say?

Russia - A Russian navy squadron set off for Venezuela in a deployment of Russian military power to the Western Hemisphere unprecedented since the Cold War. The Kremlin recently has moved to intensify contacts with Venezuela, Cuba and other Latin American nations amid increasingly strained relations with Washington after last month's war between Russia and Georgia. The intensifying contacts with Venezuela appear to be a response to the U.S. dispatch of warships to deliver aid to Georgia which angered the Kremlin. Back in kindergarten, my teacher had an expression for this sort of behavior--tit for tat. Of course, back then we were talking about the antics of five year olds. In this case, we're talking about two nuclear powers than aren't exactly on the best of terms. The Russian Deputy Prime Minister announced that five of Russia's biggest oil companies are looking to form a consortium to increase Latin American operations and to build a $6.5 billion refinery to process Venezuela's tar-like heavy crude. Such an investment could help Venezuela, the world's ninth-biggest oil producer, wean itself from the U.S. refineries on which it depends to process much of its crude. He warned the United States that it should not view Latin America as its own backyard. "It would be wrong to talk about one nation having exclusive rights to this zone." Students of American history will notice that this is at odds with both the Monroe Doctrine and the Roosevelt Corollary, but since when did those rotten Russians ever pay attention to American history?

Pakistan - U.S. helicopters flew into Pakistan's militant-infested border region, but returned to Afghanistan after troops and tribesmen opened fire, intelligence officials said. Washington denied the account. The alleged incident threatened new rifts between the United States and its key ally against terrorism days after a truck bomb struck a luxury hotel in Islamabad, killing 53 people. The two intelligence officials said on condition of anonymity because they were not authorized to speak to the media said two U.S. helicopters crossed one mile into Pakistan in the Alwara Mandi area in North Waziristan. One wonders what side these intelligence officials work for. They certainly seem to have an awful lot of details about something that the Pentagon says never happened.

United Arab Emirates - It's the latest word in Persian Gulf excess: a $1.5 billion resort boasting a $25,000-a-night suite and dolphins flown in from the South Pacific — all atop an island built in the shape of a palm tree. Environmentalists have long criticized both Palm Jumeirah island and some of the features of the Atlantis hotel and analysts wonder if global financial turmoil will crimp Dubai's big hopes for tourists. Dubai is not blinking. The 113-acre resort on the artificial island off the coast is among the city-state's biggest bets that tourism can help sustain its economy once regional oil profits stop flowing. By 2010, Dubai aims to attract 10 million hotel visitors annually, up from about 7 million in 2007. Atlantis alone will increase the city's hotel capacity by 3%. So far, demand appears strong. The Middle East had the highest hotel occupancy rates in the world during the first half of the year, with Dubai leading the region at 85.3%. Remember the good old days when the capital of excess was right here in the good U.S. of A.? Ah well, Las Vegas had a pretty good run in its heyday. But seriously, the Palm Jumeirah island quite simply puts Vegas to shame. This joint is the definition of over-the-top excess.

China - China plans to launch its most ambitious space mission yet, a sign of rising confidence as Beijing cements its status as a space power and potential future competitor to the United States. The Shenzhou 7 mission, to launch as early as Thursday, will be the first to carry a full complement of three astronauts, one of whom will perform China's first space walk, or EVA for "extra-vehicular activity." Well, you have to hand it to the Chinese Space Agency--they've got that pretentious acronym thing down. It is China's third manned mission. The maneuver will help China master docking techniques needed for the construction of a space station, likely to be achieved initially by joining one Shenzhou orbiter to another. Future goals are believed to include an unmanned moon landing around 2012, a mission to return samples in 2015, and possibly a manned lunar mission by 2017 — three years ahead of the U.S. target date for returning to the moon. Call me crazy, but does this whole deal of the Chinese going up against the U.S. sound like a pissing match? Of course, this could set the precedent of being the first inter-planetary pissing match, which, quite frankly I didn't think I would live long enough to see. I'm thinking that old adage of 'necessity being the mother of invention', might need to be updated. Maybe something to the effect of 'the bigger inferiority complex being the mother of invention.' Has a nice ring to it, don't you think?

What Caught My Eye Today

Obesity - This is one of those bad news good news stories. Thinking makes you hungry, and thinking really hard makes you really hungry. That's the conclusion of a new study that found one explanation for why people in sedentary, white-collar jobs often gain a lot of weight. See, I was under the impression that it was the 'sedentary' bit that was making us more portly. Scientists found that while the brain is working hard, stress hormones in the body cause blood glucose levels to fluctuate, inducing feelings of hunger. Here's my question. I thought Americans were generally becoming stupider with each passing year. At the same time, we're becoming fatter with each passing year. So if that's the case, are we to conclude that Americans are getting fatter because we're thinking about stupid things?

Now, I did say that there was some good news here...so here it is.

About 30% of white Americans have a gene that predisposes them to obesity. One can only assume that every other color of American doesn't matter. But there is a one surefire way for these folks to stay slim: exercise virtually every day. That doesn't seem so good to me. Besides, when am I supposed to find time for all this exercise? I'm too busy thinking.

Beer - Every once and a while, it's nice to report a feel good story. And, I ask you, what's better than beer? The beer business is dominated by a handful of huge players, and the remaining 1,400 or so microbrewers in the U.S. must fight with them to survive. So when the industry was hit with a shortage of hops, many speculated that the competition among microbrewers would become especially "cutthroat". As it turns out, an unexpected comradery arose. Jim Coch of Boston Beer (brewer of Sam Adams) saw that small brewers were in distress and decided to share his inventory. He held a lottery and distributed 20,000 pounds of hops, at cost, to the brewers. Ken Grossman of Sierra Nevada Brewing also stepped up, selling 150,000 pounds of hops, again, at cost. Let's show these guys that this generosity won't go unnoticed. Go out and buy yourself a six pack or two of your favorite microbrew.

Potpourri - More fascinating tidbits to dazzle your friends with...or at the very least to make you feel intellectually superior to them.

• Wealth - More than 20 state lotteries across the country are experiencing record sales this year, a trend experts attribute to hard economic times. One experts said, "People look to the lottery to get back to where they were financially."
  The way things are going on Wall Street, why not?
• Information - The public filed nearly 22 million Freedom of Information requests with the federal government last year. Only one in three was granted.
  No kidding. I sent in my request asking for information on what the government is thinking (pick any subject--the economy, foreign affairs), and I still haven't heard back from them.
• U.S. Election - In a recent BBC survey of 22 countries--included Canada, France, China, Brazil and Egypt--a large majority of respondents in all 22 preferred Barack Obama to John McCain.
  Dude, those guys are so going to end up on our sponsors of terrorism list if McCain wins.

Sports - Here a brief rundown of some of highlights out from the sporting world that caught my attention this weekend:

• Baseball - The last game ever at Yankee Stadium--"the house that Ruth built"--was played today. In related news, the first game ever in the new Yankee Stadium (across the street) is scheduled to be played next April.
• Golf - Team America beat Team Europe 16 1/2 to 11 1/2 to reclaim the Ryder Cup for the first time since 1999. U - S - A. U - S - A. What? Why should we enjoy this moment? Chances are we won't have any moment like this for another decade.
• College Football - Three weeks into the season, some trends are starting to show: USC looks like a title contender...again (#1 in the AP polls for the third straight week); Notre Dame remains overrated...again (Sure they beat Michigan and a 1-A school, but they got clobbered in their first real test against Michigan State); the SEC is the best conference in the country...again (half the SEC is in the Top 25 and 4 of those teams are ranked 8th or better).

What Caught My Eye Today

Yet again, the state of disarray--or if you prefer, economy--dominates the headlines. For a change, we have a bit of good news to report...sort of.

Economy (Part I) - Eager to show that he feels people's pain, President Bush told the country his administration is working feverishly to calm turmoil in the financial markets. Bush was supposed to spend the day raising money for Republicans and talking energy policy. He canceled his trip and sent Vice President Dick Cheney to sub for him at the fundraisers to focus on the worst financial meltdown since the Great Depression. Isn't that always the case? Don't you have when your job gets in the way of the really important stuff, like shilling for money over a nice dinner. In brief formal remarks outside the Oval Office, Bush sought to show that the administration is moving swiftly and aggressively by taking "extraordinary measures." And they were brief remarks. I'll listened to the President's comments. I think he was at the podium for almost 3 whole minutes. Maybe that's all the time he could spare. After all, "extraordinary measures" can be quite time consuming.

Economy (Part II) - John McCain, buffeted by criticism about his response to Wall Street's financial problems, said he would fire the SEC chairman and create a special trust to help strengthen weak institutions. In all but calling for the firing of Securities and Exchange Commission Chairman Christopher Cox, McCain turned on a fellow Republican and former 17-year House member who served on committees overseeing investor protection and U.S. capital markets. Other than making some headlines, I'm curious what McCain thinks Cox's dismissal will do for the economic health of the country. McCain has shifted from initially saying the country's economic fundamentals were strong. Since being ridiculed for that, he now says the economy is in "crisis" but that the fundamental productivity of the American worker endures. Way to regroup there, spark plug. I will give McCain some credit, though. I actually understand the concept of "crisis". Meanwhile, I'm still trying to figure out what the Bush administration means by describing the economy as a "mixed picture". Seriously, can anyone tell me what that means?

Economy (Part III) - Wall Street had its best day in six years as news the government is considering a more comprehensive solution to the financial crisis than the current piecemeal approach spurred a furious late rally--The Dow Jones industrial average jumped 410.03 points, or 3.86% while the NASDAQ shot up 100.25 points, or 4.78%. U.S. Treasury Secretary Henry Paulson has been shopping around a proposal to congressional lawmakers that would create an entity to deal with the billions of dollars of bad debt still clogging the financial system, a congressional aide said. The idea has been compared to the Resolution Trust Corp formed in 1989 to fix the savings and loan industry collapse. Smells an awful lot like a bailout to me. Though I suppose creating an institutionalized bailout sounds much better than throwing life lines to failing companies one at a time. Either way, I'm pretty sure that we taxpayers are going to be footing the bill to fix this mess regardless of how the government chooses to deal with this mess.

Venezuela - Venezuela and Russia are strengthening their strategic alliance with new plans to cooperate on oil production, weapons and even wireless technology. That's nice. Venezuela also is in talks to buy Russian air defense systems and armored vehicles. Russia also plans to help Venezuela build factories to make ships, cars, rifles and ammunition, and a center to train pilots and fix helicopters is in the works. Their alliance was mocked by U.S. Secretary of State Condoleezza Rice, who said Russia is only isolating itself. Really? Let's see just how isolated Russia is becoming, shall we? Venezuelan President Hugo Chavez, who expelled the U.S. ambassador to Caracas last week while accusing Washington of backing a plot against him, said the alliance doesn't pose a threat to any other country, and that he welcomes Russian help in research, economic development and defense technology. Russia's economic influence is clearly expanding in the Americas. Bolivia announced that it would sign an oil and natural gas exploration deal with an Russian oil company. Oh yeah, Russia really seems to be going it alone, doesn't it. Interesting how the U.S. seems to criticize Russia over the way it "overreacts" to former satellite states wanting to join a Western military alliance as well as the way Russia is trying to expand ties to countries like Venezuela and Bolivia. I get the feeling that no matter what Russia does, we'll manage to find some fault with it.

Australia - Marine scientists have discovered hundreds of new animal species on reefs in Australian waters, including brilliant soft corals and tiny crustaceans. The creatures were found during expeditions run by the Australian chapter of CReefs, a global census of coral reefs that is one of several projects of the Census of Marine Life, an international effort to catalog all life in the oceans. Among the creatures researchers found were about 130 soft corals — also known as octocorals, for the eight tentacles that fringe each polyp — that have never been described in scientific literature, and scores of similarly undescribed crustaceans, including tiny shrimp-like animals with claws longer than their bodies. While it's exciting to find discover new forms of life, you sort of have to feel bad for this poor little buggers. Now that we know they exist, we don't really stand a chance for long term survival. Not that we mean to do it, but our track record for respecting other forms of life and more important, the habitats that they need to survive, isn't what one would consider to be exemplary.

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.

What Caught My Eye Today

Fred's note: We have a rare hat trick for you today.

Economy (Part I) - Hoping to stave off what would be the ugliest chapter of the financial meltdown, American International Group (AIG) executives huddled with Fed officials and representatives from top banks at the New York Fed in downtown Manhattan to find the cash the huge insurer needs to stay in business. The government is increasingly likely to step in and provide financial backing to ensure that AIG could secure a short-term loan from banks worth up to $100 billion to stay out of bankruptcy court. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae just over a week ago. A potential bankruptcy filing by AIG could have a market impact of $180 billion, or 50% of total capital raised by financial institutions worldwide since the beginning of the credit crunch, according to one estimate. And that my friends is the textbook definition of 'too big to fail.' Of course, even if this bailout comes to pass, we're likely to see more carnage in the financial sector before all is said and done. Turns out most of the financial institutions that made stupid decisions in order to make a buck aren't too big to fail. And lest we forget--Wall Street's implosion isn't limited just within U.S. borders. Oh no. We're managing to take the whole world down with us. Who said the good ol' U.S. of A. couldn't still pack a punch.

Economy (Part II): With little explanation, President Bush scrapped a statement he planned to give on the tumultuous financial markets, abandoning any press coverage of his meeting with key economic advisers as more developments roiled Wall Street. Translation: "Sorry folks, me and my financial advisers got nothing. Looks like the economy is screwed." The White House said that Bush's comments of a day earlier still held. He told reporters that financial market adjustments can be "painful," but reiterated his standard message — that in the long run, capital markets are resilient and the economy will bounce back. Well sure. And in that same vein, in the long run world peace will be a reality and global warming will be a distant memory.

Economy (Part III): John McCain and Barack Obama traded increasingly barbed insults along with prescriptions for the ailing economy as financial fears shoved aside lipstick on pigs and every other political issue in a blink with just weeks left in the long presidential campaign. Here's a bonus trivia question for you. What well known politician coined the phrase, "It's the economy stupid."? (Check below for the answer). An ad by Democrat Obama sneered: "How can John McCain fix our economy if he doesn't understand it's broken?" Getting even more personal, Republican McCain retorted: "Senator Obama saw an economic crisis, and he's found a political opportunity. My friends, this is not a time for political opportunism; this is a time for leadership." Well no one said this was going to be pretty. After all these are insults we're talking about. However, since McCain did bring up the subject of leadership, here's my question. A day earlier, McCain was quoted as saying "the fundamentals of our economy are strong." Then today, dude is calling for the formation of a crisis commission. I was sort of under the impression that leadership implied some inference that the guy calling the shots would be a bit more proactive in solving this mess instead of calling for the formation of a commission to spend months to produce a report telling us that the economy is messed up. The verbal dueling showed the importance both candidates put on the issue of the economy as the continuing financial meltdown on Wall Street has driven all other issues out of the news. Both campaigns now believe the candidate who manages to wrest control of the issue and gain voters' confidence could well be the next president. Now there's something I can finally agree with both campaign's on. Now here's' the answer to our bonus trivia question: "It's the economy, stupid" was a phrase in American politics widely used during Bill Clinton's successful 1992 presidential campaign against George H.W. Bush. If you recall, Clinton won that election.

Pakistan - Pakistan's army said that its forces have orders to open fire if U.S. troops launch another raid across the Afghan border, raising the stakes in a dispute over how to tackle militant havens in Pakistan's unruly border zone. Bear in mind that just a couple of days ago (click here), President Bush signed an executive order authorizing American troops to carry out raids in Pakistan. It doesn't exactly take a psychic to predict this reaction from the Pakistani government. U.S. military commanders complain Islamabad has been doing too little to prevent the Taliban and other militant groups from recruiting, training and resupplying in Pakistan's lawless tribal belt. Pakistan acknowledges the presence of al-Qaida fugitives and its difficulties in preventing militants from seeping into Afghanistan. However, it insists it is doing what it can and paying a heavy price, pointing to its deployment of more then 100,000 troops in the increasingly restive northwest and a wave of suicide bombings across the country. That's a small price to pay considering the worthiness of the cause. Better the violence take place there than over here, right? Sure you could claim that the Pakistani people might come to a different conclusion, but they'd be wrong.

Ukraine - Ukraine's pro-Western coalition has collapsed, paving the way for complicated coalition talks or yet another early parliamentary election. That's not necessarily bad news, is it? The latest setback in the country's 4-year-old experiment with democracy seemed directly related to disagreements over how Ukraine should react to last month's war between neighboring Georgia and Russia. The 9-month-old alliance composed of parties loyal to Ukrainian President Viktor Yushchenko and his 2004 Orange Revolution partner, Prime Minister Yulia Tymoshenko, fell apart Tuesday amid infighting between the two leaders. The parliament now has 30 days to either form a new coalition or call a fresh election. That would be the third parliamentary vote in as many years and another blow to hopes for quick reforms in Ukraine and its integration with the West, which both leaders campaigned for. The final straw came as Yushchenko accused Tymoshenko of acting in the Kremlin's favor by failing to condemn Russia's war with Georgia. Tymoshenko fired back by saying that Yushchenko's overwhelming support of Georgia drags Ukraine into the conflict. Tymoshenko then teamed up with the Russia-friendly opposition to adopt a law that trims presidential powers and boosts her own. Yushchenko called that a coup attempt and his party pulled out of the coalition. Some analysts predict that a new governing coalition may involve the Russia-leaning Party of Regions. So let me see if I've got this straight. We've got two leaders, who I guess used to be friends at one point, that are both on record as wanting to integrate Ukraine with the West. However, in the course of trying to out maneuver each other in attempts to secure their own power base, they've managed to create a power vacuum that could very easily be filled by a political party with close ties to Russia--which I'm thinking would be somewhat opposed to Ukraine buddying up with the West. You just have to love politics, don't you?

What Caught My Eye Today

Economy - How best to describe the current state of the U.S. economy? I'd like to say 'train wreck', but that would be sugar coating it. A stunning makeover of the Wall Street landscape sent stocks falling 500 points in their worst point drop since the September 2001 terrorist attacks. Stocks posted big losses in markets across much of the globe as investors absorbed Lehman Brothers' bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. The market also remained anxious about American International Group Inc., which is seeking emergency funding to shore up its balance sheet. A faltering of the world's largest insurance company would have financial implications far beyond that of Lehman, the largest U.S. bankruptcy in terms of assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis. Looks like they got that one way wrong. Wall Street will be waiting anxiously for the Federal Reserve's regular policy-making meeting. The central bank is widely expected to keep rates steady, but the market will be looking for signs from the Fed that it is willing to lower rates amid the nation's continuing economic problems and also because the price of oil has retreated sharply from its highs of $147 in mid-July. The drop in oil gives the inflation-wary Fed more room to maneuver. Oil closed below $100 for the first time in six months (off $5.47 to settle at $95.71) as investors worried that a slowing economy would hurt demand. Maybe it's just me, but seeing as the guys making all that coin off $147 a barrel oil didn't seem too concerned about my well-being, I'm not sure I'll be shedding too many tears on their behalf. Not to mention the fact that prices at the gas pump have nudged down only a couple of pennies. Here's a thought. Maybe if these dudes wanted too stabilize demand for oil based products, like gasoline, they could take some of those multi billion dollar quarterly profits and do something to improve oil refining capacity.

2008 Presidential Race - If you thought the U.S. media was getting bashed by the GOP for being unfairly critical of Vice Presidential nominee Sarah Palin, you should see how the foreign press is going after everyone's favorite "hockey mom." Here are a few samplings:

• (from Britain's The Times): "It's not just that the Republican vice presidential candidate is a gun-toting moose hunter or an evangelical creationist opposed to abortion, two female types in short supply in Europe. It's her feistiness."
  To be honest, I'm not sure if this was an insult or a compliment.
• (also from Britain's The Times): "Her breathtaking political incorrectness is certainly entertaining--this is a woman who wants to drill for oil in the parks and kill polar bears. But her utter lack of qualification for high office is not amusing; it's frightening."
  Now this, I'm pretty sure, is a dig at Palin.
• (from Switzerland's Le Temps): "Palin seems to have been chosen not just for her gender, but also for her attack-dog skills. Her main qualification seems to be that she comes from a small town, which supposedly makes her more authentically American than Obama."
  Again a bit ambiguous, but I'm going to go with another dig--not much glowing praise in this one.
• (from Britain's The Guardian): "You can't claim a higher moral standing for coming from a great big empty on the map. Canadians know Alaska well. Alaska is our redneck cousin, a frontier state full of drunks and crazy people. It is the backwoods even by Canadian standards."
  No ambiguity here. This person definitely has a high opinion of Palin.
• (from Germany's Financial Times Deutschland): "What's truly alarming is that it's not far fetched to imagine that Palin could end up as president--and sooner rather than later. American presidents are extremely vulnerable to attack. And, of course, there is the matter of McCain's advanced age."
  Okay, I have to call this dude to task on this assertion. We totally asked her if she was ready to step in as president if need be, and Palin said yes. So there.

Intelligence - Sometimes you read a news item and you scratch your head wondering how in the world things like this are allowed to happen. U.S. intelligence agencies have set up a new social networking site like Facebook, where intelligence analysts with the requisite clearance can share tips on Al Qaeda and other threats. An intelligence official said, "It's a place where not only spies can meet but share data they've never been able to share before." Where to begin on this story? Let's start with the obvious. Last time I checked one of the hallmarks of clandestine services was keeping a low profile. I'm not sure that having your intelligence assets plastered all over Facebook is the best way to do this. As for the assertion that only those with the requisite clearance will be able to access the site--yeah, sure. Sensitive information has never been illegally accessed over the Web. Dream on. And finally, here's something that perhaps these rocket scientists ruling our intelligence agencies should consider; just because you have the means to do something, doesn't mean it's a good idea to do it.

Potpourri - We have follow up item from our Word of the Day posting on September 13.

• Word of the Day - While "change" was the most used word by speakers at the Democratic convention, the Republicans top word was "taxes"--mentioned an average of 46 times per day, followed by "business" (38), and a tie for third place between "God" and "change".
  So I'll ask again, where does "win" appear in these lists. It makes you wonder if either the Democrats or Republicans are actually interested in winning the Presidency in November.
• Pregnancy - Of those pregnancies in which Down syndrome is diagnosed in the womb, 90% end in abortion
  One wonders how many of those diagnoses are performed on pro-lifers?
• Oil - Thanks to Alaska's oil wealth, every man, woman, and child in the state will receive checks for $3,269 as their cute of the state's annual oil revenuess. Last year's pay out was $1,654.
  I don't wnat to stray too far off the reservation here, but do you think that these oil revenue payouts have anything to do with the locals' desire to start drilling for oil in the Arctic Wildlife Refuge?
• Representation - Just 36 of the 2,380 delegates attending the GOP convention were black--the smallest percentage since the racial makeup of conventions was first measured 40 years ago.
  I'm sure that it's purely coincidental that the majority of blacks are planning to vote for Barack Obama in November.

What Caught My Eye Today

Hurricanes - Rescuers in boats, helicopters and high-water trucks set out across the flood-stricken Texas coast in a monumental effort to reach tens of thousands of people who stubbornly ignored warnings of "certain death" and tried to ride out Hurricane Ike. I don't want to make light of an obviously dire situation, but if these folks faced "certain death", then who exactly is there to be rescued? The storm roared ashore hours before daybreak with 110 mph winds and towering waves, smashing houses, flooding thousands of homes, blowing out windows in Houston's skyscrapers, and cutting off power to more than 3 million people, perhaps for weeks. Because Ike was so huge — some 500 miles across, making it nearly as big as Texas itself — hurricane winds pounded the coast for hours before and after the storm's center came ashore, though by evening, it appeared that Ike was not the single calamitous stroke that forecasters had feared. Oh, I'm pretty sure the folks that live in Texas might disagree with that assessment. How would you feel if you were without power for a month? I think what the report suggests is that there isn't enough mayhem and destruction to make it onto the six o'clock news.

Canada - Again, my intention isn't to trivialize the devastation caused by natural disasters, like Hurricane Ike, but this next story is rather amusing, if not cautionary. Canadian agencies can't adequately prepare for natural disasters because they cannot understand one another's bureaucratic jargon, according to a recently released government report. At first I was thinking that this was an English-French issue, you know, what with Canada being bi-lingual and all. Turns out they really did mean bureaucratic jargon. The report titled "Emergency Preparedness in Canada: How the Fine Arts of Procrastination and Bafflegab Hobble the People Who Will Be Trying to Save You When Things Get Really Bad," (like I could come even close to making up a title like that), said that little had been learned from past disasters. And check this out. Apparently, 'bafflegab' is a real word, at least in the Canadian lexicon. According to a Canadian senator who co-author the report, "Bafflegab is a peculiar kind of language that is unique to public servants who are trying very hard to justify their existence." Well, see now, you learn something new everyday. Here I was thinking dude had ripped of a word from one of those Harry Potter books.

India - How much do you know about the nation about to overtake China as the most populous in the world? Clearly, I don't think you know enough, otherwise why would I bother with this next item? Here are some interesting statistics about the global reach of India.

• Wealth - Ten of the 100 richest people in the world are Indian or of Indian origin.
  I'm guessing the other 90 are in the oil business.
• Government - The leaders of Singapore, Mauritius and Guyana are all of Indian descent. Curiously, the dude running Indian is rumored to have been born in Queens, NY
• Money - Several billions of dollars were sent home by Indians living abroad in 2007. The leading regions were North American ($10.8 billion), Persian Gulf ($5.9 billion), Europe ($3.2 billion), East Asia ($2 billion), South American ($1.5 billion) and Africa ($500 million).
  Big deal. America thinks nothing of sending $10 billion a month to Iraq.
• Population - Several countries have more than 1 million Indians living within their borders including Malaysia, Myanmar, Saudi Arabia, South Africa, the United Kingdom and the United States.
  That might have something to do with this last item.
• Media - In 2007, overseas audiences spent $200 million on Indian movies, music and television. The major foreign markets were the United States, the United Kingdom and South Africa.
  Okay, this one is a bit deceiving. I totally misread the category description on those DVDs I just bought--those new "Hollywood Releases" turned out to be new "Bollywood Releases". They should make that distinction a little more obvious.

Potpourri - Here's another installment of interesting factoids related to current events.

• Healthcare - The annual health spending per person from all sources is nearly identical for the richest and poorest Americans: Poorest fifth, $4,477; Second poorest, $4,426; Middle fifth, $4,388; Second richest, $4,941; Richest fifth, $4,451.
  Is it just me or is there something seriously whack about this?
• Word of the Day - The word most often uttered by speakers during the Democratic convention was "change"--used an average of 89 times a day, followed by "McCain" (78) and "energy" (49).
  Just out of curiosity, did the term "win" (as in Democratic win in November) even appear on the list?
• Chores - The average 6 to 12 year old spends just 24 minutes a day doing household chores such as cleaning, loading the dishwasher and laundry--a 25% drop from 1981.
  To be fair, kids today are a lot busier. Learning how to text and keeping that Facebook profile up-to-date is rather time-consuming. Besides, what good are parents if not for taking care of all that manual labor stuff?

What Caught My Eye Today - Farewell to Creig

Fred's note: No postings today. Creig, a close family friend, passed on this afternoon and is headed to the Rainbow Bridge (if you are a pet owner, this will mean something to you) to hang with his brothers Max and Sam. We'll miss you, dawg.

What Caught My Eye Today

September 11 - Seven years and a day ago seems like a lifetime ago. Seven years ago, in a lot of ways, seems like just yesterday. In a somber ceremony outside the Pentagon, President Bush dedicated the first major September 11 memorial on the seventh anniversary of the attacks that killed nearly 3,000 people. military members in dress uniform unveiled the 184 granite-and-steel benches in the memorial park that represent each of the victims killed by the al Qaeda attack on the Pentagon. The memorial also features maple trees and light pools in a park of gravel. The benches are arranged according to the victims' ages. The crash killed 125 people in the Pentagon, along with the plane's 59 passengers and crew and the five hijackers. In a park near the site of the deadliest September 11 attacks, where more than 2,700 people were killed when New York's World Trade Center was destroyed, relatives of the dead held up portraits of their loved ones. Presidential candidates John McCain and Barack Obama made ground zero their common ground for one rare day, free of politics and infused with memory. Putting their partisan contest on a respectful hold, they walked together into the great pit where the World Trade Center towers once stood and, as one, honored the dead from the terrorist attacks. It is comforting to know that the things in life that truly matter still have the ability to trump partisan politics. I was listening to a report on NPR and a relative of one of the victim's did a great job of summing up the importance of this day. He effectively said that Ground Zero is a reminder to both candidates of the importance of the job they are trying to win. I couldn't agree more.

Pakistan - President Bush has secretly approved U.S. military raids inside anti-terror ally Pakistan. The high-risk gambit prizes the death or capture of al-Qaida and Taliban extremists over the sensitivities of a shaky U.S.-backed civilian government that does not want to seem like Washington's lapdog. What's there to worry about? I'm sure Pakistan won't mind the occasional unannounced military incursion by the United States. Bush acted in July to give U.S. forces greater leeway to cross from outposts in Afghanistan into the rugged area along the Pakistan border. Pakistan's central government has little control in this area, where extremists have found what U.S. officials say is a comfortable safe haven. Yeah, screw national sovereignty. If the Pakistanis can't clamp down on terrorism in their own backyard, we'll do it for them. The "rules of engagement" have been loosened now, allowing troops to conduct border attacks without being fired on first if they witness attacks coming from the region. That would include artillery, rockets and mortar fire from the Pakistan side of the border. I'm not an expert when it comes to this sort of thing, but where is the legal foundation that permits the President to open up a can of whoop ass anywhere he wants?

Afghanistan - Insurgents killed two U.S. troops in Afghanistan on the anniversary of the 9/11 attacks, making 2008 the deadliest year for American forces since U.S. troops invaded the country in 2001 for sheltering Osama bin Laden. Lest you had forgotten, the original front for the war on terrorism was (and still is from the looks of things) Afghanistan. Pity how that whole deal in Iraq managed to divert our attention. The deaths brought the number of troops who have died in Afghanistan this year to 113, surpassing last year's record toll of 111. U.S. death tolls have climbed sharply from the first years of the war. Only five American service members died in 2001. Thirty service members died in both 2002 and 2003; the toll climbed to 49 in 2004, then 93 in 2005 and 88 in 2006. Some 33,000 U.S. troops are now stationed in the country, the highest level since 2001. Overall, more than 65,000 troops from 40 nations are deployed in Afghanistan. One can only assume that a troop surge will take place at some point to bring things back under control in Afghanistan. Especially since it worked rather well in Iraq.

2008 Presidential Race - While the two presidential candidates managed to put aside their differences for the daily, key players for both sides had no problem provide the media with some headlines. Let's start with GOP vice presidential candidate Sarah Palin.

Sarah Palin left open the option of waging war with Russia if it were to invade neighboring Georgia and the former Soviet republic were a NATO ally. Asked whether the United States would have to go to war with Russia if it invaded Georgia, and the country was part of NATO, Palin said: "Perhaps so." I suppose that's the closest you can get to an actual "yes" if you are a politician. Questioned about whether she felt ready to step in as vice president or perhaps even president if something happened to the 72-year-old McCain, Palin said: "I do." Okay, in my mind that's a dumb question. How else is she supposed to respond--"Gee, I don't know. I'm just getting my hands around being a VP. I'm not sure I want bite off more than I can chew."

Meanwhile, the Democrats are doing some prognostication of their own. I'm sure you'll find their predictions rather surprising.

Barack Obama and former President Clinton talked for two hours today, their first meeting in a White House race that had once bitterly divided them. Clinton predicted that Obama will win the presidency "pretty handily." You don't say.

Cycling - Seems like now that Lance Armstrong has come out of retirement, everyone wants to get back into the game. Disgraced former Tour de France winner Floyd Landis plans to return to competitive cycling. Landis, an American, was stripped of his 2006 victory after testing positive for elevated levels of testosterone. His suspension by the U.S. Anti-Doping Agency expires on Jan. 30, 2009. I'm all for getting back on the horse when you fall off, but seriously, Floyd, are you sure about this? Whatever you do, might I suggest that you do it cleanly and leave no reason for any suspicion.

What Caught My Eye Today

Physics - It's not everyday that we see the world's largest particle collider in action--especially for the first time. The world's largest particle collider passed its first major tests by firing two beams of protons in opposite directions around a 17-mile underground ring in what scientists hope is the next great step to understanding the makeup of the universe. Physicists around the world now have much greater power to smash the components of atoms together in attempts to learn about their structure. Eventually two beams will be fired at the same time in opposite directions with the aim of recreating conditions a split second after the big bang, which scientists theorize was the massive explosion that created the universe. How naive have I been? All this time I was assuming that the Big Bang Theory was true. Thank goodness, we'll now have the means to definitively prove this theory once and for all. Unless, of course, you happen to subscribe to creationism, in which case, all this scientific mumbo-jumbo is a complete waste of time and money.

North Korea - North Korea's Kim Jong Il is on the road to recovery from a stroke and still in control of his isolated country's communist regime, South Korea said in disputing reports that the leader is gravely ill. Well, we can always hope, can't we? South Korea's spy agency told a closed door meeting of lawmakers it had intelligence showing the 66-year-old Kim's condition had much improved. South Korea's optimistic view of Kim's health came as North Korea moved to try and dispel fears about his health after he failed to appear for a key national ceremony. A senior North Korean diplomat, called reports of Kim's illness "worthless" and a "conspiracy plot," adding that Western media "have reported falsehoods before." Excuse me, put how is the fact that Kim Jong Il suffered a stroke evidence of some conspiracy by the Western media? First of all, most Western media outlets are busy digging up dirt on Republican Vice Presidential nominee Sarah Palin. And secondly, the reports that Kim Jong Il suffered a stroke appear to be entirely accurate. So where is the conspiracy?

Hurricanes - Okay, so we made it through Gustav and Hanna, and it looks like Josephine has dissipated harmlessly in the Atlantic, so that just leaves that troublesome lad, Ike. Hurricane Ike strengthened in the Gulf's warm waters and churned toward the Texas coast, and officials started to evacuate the first of millions of residents who could be in the storm's path. Ike strengthened into a Category 2 storm and is likely to grow even stronger before its predicted strike on the Texas coast this weekend. Ike has already killed at least 80 people in the Caribbean and ravaged homes in Cuba. You would think that getting out of harm's way would be folks primary concern. Turns out, that isn't the case. Federal authorities gave assurances they would not check people's immigration status at evacuation loading zones or inland checkpoints. But residents were skeptical, and there were worries that many illegal immigrants would refuse to board buses and go to shelters for fear of getting arrested and deported. Back in May, Homeland Security Secretary Michael Chertoff said the Border Patrol would do nothing to impede an evacuation in the event of a hurricane. But when Hurricane Dolly struck the Rio Grande Valley in late July, no mandatory evacuation was ordered, and as a result the Border Patrol kept its checkpoints open. Agents soon caught a van load of illegal immigrants. Well that's nice. Some choice. Risk death or deportation.

2008 Presidential Race - More evidence that the run-up to the U.S. presidential election lasts way too long. Barack Obama accused John McCain's campaign of using "lies and phony outrage and Swift-boat politics" in claiming he used a sexist comment against vice presidential candidate Sarah Palin. In his initial comments Tuesday, Obama was delivering a dissertation about McCain and President Bush when he used the lipstick aphorism — not Palin. In fact, his reference to the Alaska governor later on was a defense of her strong belief in religion. The lipstick maxim is hardly new to either Obama or McCain. The Democrat has used it in the past, and McCain repeated the folksy metaphor when he criticized Sen. Hillary Rodham Clinton on health care. McCain was never accused of being sexist when he uttered those words. Yesterday, Obama criticized McCain's policies as similar to those of President Bush, saying: "You can put lipstick on a pig. It's still a pig. You can wrap an old fish in a piece of paper called change. It's still going to stink after eight years." The McCain campaign immediately jumped on the comments, arguing they were directed at Palin, the GOP's first woman on a presidential ticket. If this wasn't campaign season, I would say jumping to this conclusion was proof positive that these folks aren't playing with a full deck of cards. In her acceptance speech last week, she had referred to herself in a joke about lipstick being the only difference between a hockey mom and a pit bull. Accusing Obama of "smearing" Palin in "offensive and disgraceful" comments, the McCain campaign demanded an apology. Obama's campaign has accused the GOP camp of engaging in a "pathetic attempt to play the gender card." How about charging both campaigns (and the media while we're at it) with needlessly wasting the time of voters with all this nonsense. If you are going to subject us to all this campaign rhetoric, could you at least do us the courtesy of focusing on the issues that cause us to lose sleep at night?

Cycling - It would appear, as is occasionally the case, that the rumors of Lance Armstrong'r return to professional cycling are well founded. Lance Armstrong is breaking out of his three-year retirement and aiming to win yet another Tour de France in 2009, a move sure to shake up things across the Atlantic and give a boost to a sport that has missed its biggest star. In a formal statement, Armstrong called his comeback an attempt to raise global awareness in his fight against cancer. I'm sure the prospects of winning an 8th Tour de France didn't enter his thoughts in the slightest. Professional cycling and particularly the Tour have missed Armstrong's allure, even though skeptics refused to believe he could win without the help of performance-enhancing drugs. Tour director Christian Prudhomme noted the suspicions of drug use that followed Armstrong, and suggested that it wasn't guaranteed that the former champion would make it to the start line next July. How about producing a shred of evidence that links Armstrong to blood doping before assuming his guilt, you putz. The cycling journal VeloNews reported on its Web site that Armstrong would compete with the Astana team in the Tour and four other road races — the Amgen Tour of California, Paris-Nice, the Tour de Georgia and the Dauphine-Libere. I'm betting tickets for those races just became a lot more appealing.

What Caught My Eye Today

Iraq - President Bush will keep roughly the same number of U.S. forces in Iraq through the end of the year and pull about 8,000 troops home by February, a drawdown that's both slower and smaller than long anticipated. The move shows that Bush still commands when and how troops will withdraw, despite a fiercely opposition Congress and a soured American public. I'm sorry, but what would be Bush's motivation to change at this point in his presidency? General David Petraeus, the top U.S. commander in Iraq, had argued to keep troop levels fairly level through next June — an even longer timeframe than Bush is embracing. But others, including Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, said they believed that withdrawing troops more quickly from Iraq represented a small risk compared to the gain that could be made by shifting more to Afghanistan. So here is an interesting quandary. Do you think that Petraeus is being overly pessimistic or is Mullen trying to position himself for a potentially drastic change in policy come January?

2008 Presidential Race - Here's a newsflash. Seems the Democrats are accusing Republicans of stretching the truth and vice versa. Let's start with the Dems, shall we?

Barack Obama broadly accused his Republican rivals of dishonesty, citing former lobbyists working for John McCain, Sarah Palin's shifting stance on the "Bridge to Nowhere" and their promise to change Washington. I wonder what brought that on. With national polls finding the Democratic presidential nominee trailing or in a dead heat with McCain, Obama began the campaign's final eight-week push by criticizing McCain's popular running mate as much as the Arizona senator himself. Nevermind. Obama wouldn't go so far as to say McCain and Palin are lying, even when the audience tried to goad him into it, but he began showing an ad that did. Well, thank goodness Obama is a man of honor and refuses to resort to mudslinging. Best let his campaign ads do it for him.

Let's see what the Republicans are up to.

John McCain and Sarah Palin criticized Democrat Barack Obama over the amount of money he has requested for his home state of Illinois, even though Alaska under Palin's leadership has asked Washington for 10 times more money per citizen for pet projects. Well now, it wouldn't make a lot of sense for Palin to criticize herself would it. Obama hasn't asked for any earmarks this year. Last year, he asked for $311 million worth, about $25 for every Illinois resident. Alaska asked this year for earmarks totaling $198 million, about $295 for every Alaska citizen. McCain said the Illinois senator's earmark total over the years amounts to "almost a million dollars for every single day he was in the United States Senate." So if we applied the same logic to Palin, what would that amount to? For his part, McCain doesn't seek pork projects and vows to do away with them as president. I'd love to see him try.

United Arab Emirates - The Bush administration is planning to sell the United Arab Emirates an advanced U.S. missile defense system valued at up to $7 billion that could be used to defend against Iran. Correct me if I'm wrong, but isn't that deal that we're building in Russia's backyard supposed to do the same thing? For Iran, Katzman added, the UAE could be an attractive target because of its billions of dollars of infrastructure investments. The Terminal High Altitude Area Defense (THAAD) system is designed to defend population centers and critical infrastructure among other things. Translation: Oil for America. Several such systems on land, at sea and potentially aloft are being woven into an expanding U.S. shield against missiles that could be tipped with chemical, biological or nuclear warheads. And as an added bonus, these systems appear to irritate the hell out of Russia.

Tennis - It was a good year for repeat winners of the U.S. Open, even historic for the men's champion. Serena Williams defeated second seed Jelena Jankovic 6-4, 7-5 in the women's US Open final for her ninth career Grand Slam title and the world number one ranking, a spot she previously held for 57 weeks beginning in 2002. She also picked up 1.5 million dollars in first-place prize money and moved into third on the all-time money list, just ahead of Martina Navratilova. Not too shabby for two weeks' work. If you think that's impressive, check out what Roger Federer pulled off. Roger Federer won his 13th Grand Slam crown and fifth consecutive US Open title, defeating British sixth seed Andy Murray 6-2, 7-5, 6-2. Federer's 56th career crown moved him into sole possession of second place on the all-time Slam title list, one more than Roy Emerson and one below the career record 14 won by Pete Sampras. Federer became the first man to win five Slams in a row at two different events, having also completed the feat last year at Wimbledon. The dude has talent, that's for sure. And with the likes of Rafael Nadal, Andy Murray and Novak Djokovic, men's tennis should be awfully entertaining next year. And let's not forget about the Williams sisters. They had one heck of a year too.

Cycling - What could possibly catch my attention in the world of cycling and not be related to another doping scandal? Two words--Lance Armstrong. Lance Armstrong will come out of retirement next year to compete in five road races with the Astana team, according to sources familiar with the developing situation. Armstrong, who turns 37 this month, will compete in the Amgen Tour of California, Paris-Nice, the Tour de Georgia, the Dauphine-Libere and the Tour de France — and will race for no salary or bonuses. Should Armstrong return with Astana, it would bolster a squad that arguably boasts the sport’s best stage-racing team. Not to mention all the publicity that these stage races will get if Armstrong does indeed come back to competitive road racing. I wonder if the folks at the Versus television network are paying dude under the table to make a comeback.