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Thursday, December 09, 2004 |
I know, too much news today. I could not resist making a comment
on this news item. There has been some items in the news
concerning the potential resignation of Treasury Secretary John
Snow. Unfortunately, he has opted to stay on for the second Bush
term. The decision made here will have disastrous consequences
for the strength of the dollar abroad, given the ineptitude of this
Cabinet secretary.
What does this mean to you? Well, if you are travelling abroad,
prepare to enjoy a very bad exchange rate. Goods imported into
the United States will be more expensive as well. Aside from
that, the declining value of the dollar means that the desire of using
the dollar as a reserve currency will decline. Finally, those
foreign holders of our debt will be less inclined to hold more, which
portends badly for an administration that has a tendency towards
profligate deficit spending.
Snow to Remain Treasury's Chief, White House Says.
Treasury Secretary John W. Snow will remain in his job after weeks in
which Republicans had talked openly about his impending departure. By
By DAVID E. SANGER. [NYT > Home Page]
8:20:23 AM  
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Time for a brief morning news roundup today. I heard on NPR in
the wee hours this morning that the Intelligence Reform Bill passed the
Senate easily. I, for one, am glad to hear it. In reading
the 9/11 Commission Report,
one is struck by the flow of information among agencies that require
it. In actuality, the flow is more of a series of drips, with the
sharing of information being inconsistent among all of the stake
holders. If you have not read the Commission's report, I strongly
urge you to do so. It does provide one with a good insight into
the challenges posed by a transnational threat like terrorism.
Nonetheless, this measure is a step in the right direction. The
establishment of a National Intelligence Director is a great step, and
the placement of budgetary authority with the new director--and making
it much more open--will help to better organize the intelligence
community.
Senate Passes Intelligence Reform Overhaul Bill.
The Senate votes 89-2 to approve a sweeping intelligence reform bill,
one day after approval in the House. The bill now goes to President
Bush for his signature. The difficulty of the task was apparent from
the beginning, when the Sept. 11 commission made broad recommendations
involving major changes to the status quo. NPR's Andrea Seabrook
reports. [NPR News: Nation]
8:19:51 AM  
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© Copyright 2005 Jason J. Thomas.
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AIM: jjtaim MSN: jasonjthomas@hotmail.com Yahoo! Messenger: jasonjthomasumd
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