Thursday, December 09, 2004

Morning News Roundup, Part 2 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    comment []  trackback []

Morning News Roundup 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    comment []  trackback []