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...history of momentum in politics, Geithner decided to strike while the iron was hot. He and hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there was no way for Geithner...
Rabat, Morocco "Any place in the Arabic-speaking world sends a message of outreach and dialogue," says Hooper. The North African kingdom has been a steady U.S. ally in the war on terrorism, a fact that led then President George W. Bush to designate Morocco a major non-NATO ally. King Mohammed VI is generally pro-West and viewed as a reformer. A speech in Rabat would resonate especially with North African nations like Algeria and Tunisia, where fundamentalism and terrorism are on the rise. But Morocco does not carry much clout in Islamic affairs. If Jakarta...
Cairo, Egypt Since Mecca and Medina are out of the question - non-Muslims are not allowed there, and in any case, the Saudis frown on political speeches in holy places - the most symbolically resonant Arab city is Egypt's capital. "Let's face it: the people Obama really wants to reach are the Arabs," says the Arab diplomat, who is not Egyptian. "And there's no better place to do that than Cairo...
...jarring news Friday, when the Congressional Budget Office (CBO) released its preliminary analysis of Obama's plans for the nation. In one of the first non-partisan, independent reviews of his administration's economic vision, the Obama White House pretty much got a failing grade - not because the President's advisers were bad at math, but because the CBO found that the economy is expected to recover so slowly as to make the Obama policy proposals unsustainable. The new "Era of Responsibility," it turned out, runs into big trouble with just a slight long-term decline in economic projections...
...Commentators have already dubbed the IPL the "NRIPL" - Non-Resident Indian Premier League and fans are outraged that the games will be played off shore. "Imagine an 'Indian' Premier League in South Africa," says self-confessed cricket diehard Nikhil Lodaya, a Mumbai-based public relations executive, "It's just too desperate!" Lodaya says he planned to watch the matches on television, so it doesn't matter if the matches are played in Mumbai or London. "But for a sport I love, it's painful to see what has happened." (Read a TIME story on the worst sporting attacks...