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...Survivors BBQ. Everyone Welcome," read the handwritten sign tacked onto a recently rebuilt home last weekend in a Cedar Rapids neighborhood still ravaged a year after the city's worst flooding disaster. "We've become stronger - more of a family," says Toni Grimm, the home's owner, talking about her neighborhood, Czech Village, a historic ethnic area bordering the now tranquil Cedar River. Last June, the river swamped 10 square miles of Iowa's second largest city (metro-area pop. 255,000). There are signs of life in the downtown business district, with factories and shops reopened. But whole swaths...
...causing an estimated $10 billion worth of damage ($6 billion in Cedar Rapids alone). Eighty-eight of Iowa's 99 counties were declared a natural disaster area as a result of last year's flooding and two deadly tornadoes. While progress has been made to recover from Iowa's worst disaster, many frustrated homeowners still await government help to rebuild or buy and level their flood-damaged homes. Iowa has been allocated $798 million in federal block grant money that can be used for buyouts. But because of restrictive federal rules, only $24 million has been spent. (See pictures...
...Federal Reserve Bank of New York. The bank's Empire State Manufacturing Survey showed a sharp decline for May, reflecting further weakness in new orders. That news came on the heels of grim tidings from the head of the International Monetary Fund, which noted on June 15 that the worst phase of the global recession may be yet to come...
...absolute worst things we could do at this point would be to declare Iran's election fraudulent, refuse to talk to the regime and pile on more sanctions. Hostility will only strengthen Ahmadinejad and encourage the hard-liners and secret police. We should never forget that Iran's spiritual leader, Ayatullah Khameinei, along with Ahmadinejad, have the full, if undeclared, backing of both the Revolutionary Guards and the army, and they are not afraid to use those resources to back up their mandate...
Still, in addition to his power over domestic and economic policy, the Iranian President is the face for the country abroad. And in that respect, a victory by Mir-Hossein Mousavi would have presented a worst-case scenario for Western efforts to curtail Iran's nuclear program, senior Administration officials said Sunday. He would have presented a softer, less confrontational face to the outside world. And he would have been able to stall even before he entered into negotiations with the excuse of taking all summer to get a new Cabinet and negotiating team in place...