A Conversation with Janet Napolitano

Friday afternoon is a traditional time to bury bad news, so at 12:49 p.m. on Oct. 21 President Obama strode into the White House briefing room to "report that, as promised, the rest of our troops in Iraq will come home by the end of the year—after nearly nine years, America's war in Iraq will be over." He acted as though this represented a triumph, but it was really a defeat. The U.S. had tried to extend the presence of our troops past Dec. 31. Why did we fail?

Federal regulators launched a broad legal assault on big banks Friday, claiming they sold nearly $200 billion in fraudulent mortgage investments to housing giants Fannie Mae and Freddie Mac that led to massive losses during the financial crisis.

In the early 20th century, Venezuelan dictator Cipriano Castro liked to borrow money from foreign investors. But he didn’t like paying them back. Big mistake. In December 1902, Britain, Italy and Germany demanded repayment. To make the point clear, warships from all three nations shelled several Venezuelan forts and blockaded the country’s ports. Caracas paid up.

Michelle Obama refuses to be a political show pony or schmooze with Washington's elite. She has her own sense of where her energies should be deployed and has constructed a fruitful life inside the bubble. All that will have to change in the heat of Election 2012.

It was right to remove this enemy. But it would be wrong to think that his demise has weakened the jihadists

President Barack Obama's speech today at George Washington University put his marker down in the debate on what the United States needs to do to put its fiscal house in order. His plan has no chance of passing as is, and the president said as much. But it does mean that the long-awaited "adult conversation" about government red ink has begun.

From the outset of my command in Afghanistan, two or three times each week, accompanied by a few aides and often my Afghan counterparts, I would leave the International Security Assistance Force headquarters in Kabul and travel across Afghanistan -- from critical cities like Kandahar to the most remote outposts in violent border regions. Ideally, we left early, traveling light and small, normally using a combination of helicopters and fixed-wing aircraft, to meet with Afghans and their leaders and to connect with our troops on the ground: Brits and Marines rolling back the enemy in Helmand, Afghan National Army troops training in Mazar-e-Sharif, French Foreign Legionnaires patrolling in Kapisa.

Tonight I want to begin by congratulating the men and women of the 112th Congress, as well as your new Speaker, John Boehner. And as we mark this occasion, we are also mindful of the empty chair in this Chamber, and pray for the health of our colleague - and our friend - Gabby Giffords.

Barry Eichengreen is Professor of Economics and Political Science at the University of California, Berkeley.

BERKELEY – In the United States, the scent of decline is in the air. Imperial overreach, political polarization, and a costly financial crisis are weighing on the economy. Some pundits now worry that America is about to succumb to the “British disease.”