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Archive for Tue, 22 Jan 2008...
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Petraeus: I Need Another Six Months To Determine Whether ‘We’ve Reached A Turning Point’

In the past few months, conservatives such as Sens. John McCain (R-AZ) and Joe Lieberman (I-CT) have been quick to declare victory in Iraq. In November, McCain said that “we’ve succeeded militarily.” A day later, Lieberman declared that “we are winning” because “we have made progress” in “one of the most remarkable turnarounds in modern military history.”

In Asia, Global Market Decline Accelerates

Stock markets across Asia plunged even farther and faster on Tuesday than they had on Monday, as anxious sellers worried that an economic slowdown in the U.S. could drag down growth around the world.
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Debunking the Reagan Myth

How we talk about the Reagan era still matters immensely for American politics.

Stocks Slip, European Markets Rebound After Fed Cut

The Federal Reserve's surprise short-term interest rate cut today helped European markets rebound from steep Monday losses but sent Wall Street on a wild ride through negative territory.
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FRB: Press Release--FOMC statement--January 22, 2008

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent. The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.

Stocks Plunge in Europe and Asia on U.S. Recession Fear

Indexes in Europe fell as much as 7 percent after a huge sell-off in Asia as concerns increased that the turmoil in the United States mortgage markets is spreading.
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Deep? Maybe. Long? Probably.

I still keep reading articles asserting that the last two recessions were brief and shallow. Formally, that’s true. But both were followed by prolonged “jobless recoveries” that felt like continuing recessions. Below is the employment-population ratio since 1989, with shading showing the official recessions.

Mitt Romney - Who Let the Dogs Out?

Part 3 of CNN Democratic presidential debate

Sen. Hillary Clinton, Sen. Barack Obama and former Sen. John Edwards answered questions from CNN's Wolf Blitzer, Joe Johns and Suzanne Malveaux in a debate sponsored by CNN and the Congressional Black Caucus Institute, Monday night.

Someone Didn't Get The Word

Fareed Zakaria: The Democrats are having the hardest time with the new reality. Every candidate is committed to "ending the war" and bringing our troops back home. The trouble is, the war has largely ended, and precisely because our troops are in the middle of it. Ah, those sad, sad, Democrats. So unaware that the war's over. The dude who killed at least fourteen and wounded seventeen in Tikrit must, like the Democrats, have been wearing partisan blinders when he failed to acknowledge the surge's success in bringing the war to an end. Similarly, the US military has these newish Mine-Resistant Ambush-Protected vehicles known as MRAPs.
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After Nevada Loss, Edwards Hangs On

The already-murky rationale for John Edwards continuing his campaign has become much less clear.
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White House Has No Comprehensive E-Mail Archive

For years, the Bush administration has relied on an inadequate archiving system for storing the millions of e-mails sent through White House servers, despite court orders and statutes requiring the preservation of such records, according to documents and technical experts.

Hillary Adviser Wolfson: Obama's Claim That Bill Is Fibbing Is A "Right Wing Talking Point"

This is getting interesting. In an interview with me a couple of minutes ago, senior Hillary adviser Howard Wolfson claimed that Obama's assertion this morning that Bill Clinton is fibbing about his campaign is a "right wing talking point." Wolfson was responding to my questions about Obama's Good Morning America appearance this morning, in which Obama claimed that Bill has been dissembling badly about Obama campaign tactics. Obama also charged that Bill has been dissembling regularly about the Illinois Senator's consistent opposition to the Iraq war and about Obama's claim that the GOP has been the "party of ideas."
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FBI denies file exposing nuclear secrets theft

THE FBI has been accused of covering up a key case file detailing evidence against corrupt government officials and their dealings with a network stealing nuclear secrets.

???A Whiff of Panic . . .???

The Fed slashes rates 75 bps ??? and another 75 bps are implied for next weeks meeting. There is a none-too-faint whiff of panic about today's actions. What does this mean for investors. Quite a number of things ??? none of which are particularly good over the long term: 1) Why Cut today? What was the motivation for today???s cut? Would waiting 7 days have done anything. other than allowing some of the excesses to get wrung out of the system? 2) Equity Market Dysfunction? Is it that the equity markets are not working properly? Likely not. Are rates too high? I doubt that's the reason for any of our economic woes.

USA Equity Futures: Look Out Below!

Holy Snikes! Dow Jones Industrial Average futures contract are off 520 points at 11,586; Nasdaq futures were at 1773.25, down 76.25. Standard & Poor's 500 futures recently were at 1265, down 60.3. Let me hasten to remind you that this is "contained." Imagine how much worse it would be like if it were not.

Sharpening Their Shivs

Sharpening Their Shivs by digby I'm sure a lot of people enjoyed this when they read it: Prominent Democrats are upset with the aggressive role that Bill Clinton is playing in the 2008 campaign, a role they believe is inappropriate for a former president and the titular head of the Democratic Party. In recent weeks, Sen. Edward Kennedy and Rep. Rahm Emanuel, both currently neutral in the Democratic contest, have told their old friend heatedly on the phone that he needs to change his tone and stop attacking Sen. Barack Obama, according to two sources familiar with the conversations who asked for anonymity because of their sensitive nature.
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Martin Luther King, "Why I Am Opposed to the War in Vietnam"

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The knives come out in South Carolina

On Martin Luther King Day, the Democrats have their nastiest debate yet as the Clinton and Obama spat gets personal.

Impeachment resolution a matter of accountability

Among my constituents, there are those who say I have gone too far in calling for Congress to examine possible impeachable offenses by the Bush administration. There are also those who argue I have not gone far enough. In letters, emails, phone calls, personal conversations and listening sessions, I have heard passionate arguments from those who think we are losing our democracy and that I should do more to hold the Bush administration accountable for its actions. The call to impeach is one I did not take lightly. But as we said in our letter to Chairman Conyers, the issues are too serious to ignore.
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Fred Thompson Drops Out of the Presidential Race

Fred Thompson finished third in the Republican primary in South Carolina, a state that he hoped would rescue his flagging candidacy.
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