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...failure to address domestic issues is becoming especially ominous given the latest harbingers of hard times ahead and the inattention to the country's most corrosive problems: a national debt of $3 trillion, 30 million citizens who live in abject poverty, the highest homicide rate in the industrialized world and disgracefully failing schools. Such problems, says Democratic Senator Daniel Patrick Moynihan, are the real measure of what fighting the cold war cost the U.S. "For half a century we put all our best energies and best minds into the issues of the cold war, just as now in the gulf...
Fortunately the only battle in the gulf so far has been against distance. It is proving to be a tough one. Despite the $2.5 trillion spent on defense over the past decade, the U.S. lacks enough cargo planes and ships to deliver its armed forces to trouble spots around the globe. Transport planes like the C- 141 Starlifter and C-5A Galaxy are still the workhorses of the Air Force, but they are aging, and their production lines have long been closed. The next-generation airlifter, the C-17, has encountered repeated delays in nine years of development...
...lows on Thursday, shares of all U.S. stocks had lost more than $600 billion in paper value in slightly over a month, more than in the Black Monday crash of October 1987; on the Tokyo exchange, cumulative losses since the start of the year came to well over $1 trillion. Bond prices dropped in sympathy, sending interest rates spiraling; the yield on bellwether U.S. Treasury 30-year bonds Thursday hit an extraordinary 9.13%, the highest since April 1989. The dollar, which is losing its reputation as a safe haven, fell hard against nearly all other major currencies, touching a lowest...
...bailout seems to keep on rising uncontrollably. Since the President signed the cleanup law amid loud fanfare exactly one year ago, the price tag has grown from a White House projection of $166 billion over 10 years to what some experts now fear could be a $1 trillion bill spread over 30 years as the government shuts down nearly half the entire thrift industry. The White House's own current forecast projects a cleanup cost of at least $500 billion over the next 40 years. That includes $160 billion to be used mainly to pay insured depositors at shuttered thrifts...
Geller, who could not be reached for comment, has long been praised for her innovations in astronomy. She specializes in mapping the three dimensional distribution of galaxies, and is most famous for her discovery of the "Great Wall," a structure of galaxies a billion trillion miles long...