Word: congresses
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...cool relationship with China. Obama has a chance to right the relationship - his understated, consensual style will play well in Beijing, and he will probably try to get China into big-power clubs such as the G-8. Yet the combination of a Democratic President and a Democratic Congress may mean China hawks on Capitol Hill will feel bold enough to smack Beijing on Tibet and other human-rights issues...
...from the bottom up [Nov. 17]. But I do not think the country is ready for an activist government with a much more liberal agenda than we have seen in recent decades. This election result was largely a reaction to an ineffective conservative Administration. Obama and a Democrat-dominated Congress will be wise to maintain some moderation in their policies, or they could provoke a shift back to the right. Mike Hall, Boise, Idaho...
...fake. Though the Secret Service was tasked with guarding President Grover Cleveland's family in the 1890s, presidential security became a formal objective only after the assassination of President William McKinley in 1901. It wasn't until 1951--after a failed attempt on President Harry Truman's life--that Congress codified the agency's permanent protection of the First Family. Its duties also now include candidates for high office and visiting dignitaries. (See the Top 10 secret service code names...
...reorganization option faded after William O. Douglas (then SEC chairman, later a Supreme Court Justice) persuaded Congress in 1938 to approve more punitive bankruptcy laws, but it was resurrected by Congress in 1978 as Chapter 11 of the bankruptcy code. Since then Chapter 11 has been used to reorganize airlines, steelmakers and countless other companies in trouble...
...though, something curious is happening. We've been hit by a financial crisis eerily reminiscent of those 19th century panics. But instead of going to bankruptcy court, troubled firms are lining up at the Federal Reserve, the Treasury Department and Congress...