Word: consensus
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...simply not as attractive as efforts to build up a newly prosperous, post-Nazi-beating America. Nor will accounting for multiple misguided wars be as sexy as the race to send a man to the Moon. Previous generations were certainly faced with their own adversities, but historically, the youth consensus has been that the troubles were the result of poor leadership or malicious enemies abroad. President Obama has declared that the wars and troubles we face are in fact all of our wars and troubles, marking a new era in which Americans may not feel as free from the burden...
...Nearly everyone believes one thing and it is at the core of any consensus about keeping the economic system out of a depression. Time is more important than money, if the money is enough to make a good start. It would have been uncomfortable for Secretary Geithner to say out loud that he might well have to come back to Congress for more money. If the damage to credit markets gets worse, Congress will probably be cooperative even if it results in more fighting...
Explaining the stock market's behavior is always something of a mug's game, but there was a consensus that the main problem seemed to be that Geithner was just too vague. "Unfortunately, he led the market to believe there would be more details," says Kurt Karl, U.S. economist for the insurance firm Swiss Re. "You can't make the equity market happy every day, I guess...
...question now is what Obama and his team learn from this experience. As he tries to maintain the consensus for another bank bailout, entitlement reform and perhaps health care reform, will he build his legislative coalitions from the left, as he did with the stimulus? Or construct them more with a centrist audience in mind...
...tone is all very well, but if Obama does follow through on Biden's promise to "sincerely" listen to Europe, he is likely to hear a cacophony of confusion. For Europe - be it the European Union or the European members of NATO - has no clear consensus on strategic priorities or how they should be pursued. That applies to challenges from Afghanistan and Guantánamo to Iran and Russia. The Obama Administration may want to cast aside the hawkish unilateralism of the Bush era and its divide-and-rule methods that so jarred European sensitivities. But as the new President...