One is deflation – the prospect that we will be producing goods and services that do not get the prices that they cost to produce. Scary to imagine, but we've been there before, during the Great Depression when farmers couldn't get enough to meet the costs of farming their produce when they brought those goods to market.
Let me finish with a very short, sharp statement of why Shirley Sherrod was forced to resign from the Department of Agriculture.
She's right and President Obama is wrong. The villain was not some amorphous entity known as "the media."
That's like that old cliché you used to used to hear after every national tragedy.
"We're all guilty." No we're not.
Certain people did certain things. If they hadn't done those things, this episode would not have occurred, the attack on Shirley Sherrod that led to her forced resignation.
Let me finish tonight with this federal injunction against the new Arizona immigration law.
First of all, it is a "killer" issue politically for the Democrats this fall and a huge windfall for the right. It will anger even those people who believe the Arizona law went too far. It will dramatize the main case raised by the Tea Party people: that the federal government in Washington has become too powerful, that the rights of the states have been terribly abridged.
That is the political consequence and it will be felt mightily this November.
Marjorie Margolies-Mezvinsky was the key vote in 1993 for the Clinton economic plan, which set about creating the economic wonder of the 1990s – a wonder that created millions upon millions of jobs and more than balanced the federal budget. It gave this country a surplus and set us on course towards actually shrinking the national debt.
What grabbed me was today's account of the Taliban attack on a small American outpost near the Pakistan border.
The attack on Combat Post Keating occurred last summer, as the United States was shifting from a strategy of defending outposts like Keating to one of concentrating forces in key areas.
Let me finish tonight with a political story of my own, from when I was in the business myself.
Last night I spoke at the Ronald Reagan Presidential Library north of Los Angeles.
I talked about the old-time relationship between two politicians, Reagan and Speaker Tip O'Neill, and how they carried on their rivalry which involved some pretty big stuff.
I'm not talking about people who are worried – angry even – about the bad economy, high unemployment, the deficit, or the rising national debt. Who isn't? Everything that's been happening in the economy – highlighted by the financial crisis of the fall of 2008 – is scary. It's only added to what I think are highly justified concerns about this country's growing tendency to rely on borrowing, not only to offset economic downturns (which made sense when it was taught in school), but also as a standard operating procedure.
Guest host Michael Smerconish writes: Finally, a controversy born in my hometown (Chris's hometown) of Philadelphia on Election Day 2008, that is back in the news this month.
It's the case of the two New Black Panthers allegedly intimidating voters - hurling racial epithets as one brandished a nightstick - outside a North Philadelphia polling place.
I'm thinking their actions were more about "television" than "turnout."
Let me finish tonight with a totally political commentary.
Sometimes what's needed is not a change in policy but an upgrade in politics.
This is precisely where President Obama stands now.
He's got a good, sellable record.
He signed up with President Bush to prevent a financial collapse in the fall of 2008. That's something FDR didn't do with Hoover, spend some political capital to help the country even before inauguration.
I think the Republican Party is making a happy home for these folks.
Sen. David Vitter, R-La., is the most recent to swing wide the gate. He was asked where he stands on whether President Obama should be sued for not being an American, and he said that such a suit would be "valid and possibly effective."
It's the economic hammerlock we're in.
First, we need to get the recovery going because without a stronger recovery this high unemployment is going to go on and on. It's going to go on hurting people – men and women, old and young and in between, people who really want to work, work full-time, but can't find work.
Track the movement of LeBron James last night: He's leaving Cleveland, Ohio, for Miami, Florida.
Power and money head south, to where people have been heading this past century, followed perhaps by basketball power. Dwayne Wade, Chris Bosh, Lebron James – call them the “Three Basketeers” – are all heading to the Miami Heat because of air conditioning, that which makes the “heat” bearable year-round.
It's not just roundball that's headed south.