Interesting news day. Ernesto went out to sea and is nearing hurricane strength. It's packing 70MPH winds (75 makes it a hurricane) and is about to hit the NC/SC boarder area.
The President made a speech to the American Legion and put in a plug to stay the course in Iraq. I haven't read the speech proper, but the excerpts I heard heading north today had him making the analogy of fighting WWII and fighting Islamic extremism. They're different wars but neither had failure as an option.
In a related vein, Iran gave the world community the middle-digit sal-oot. The UN gave them until the end of the month to end their nuke program or they'll
taunt them a second time impose sanctions.
The one sanction that would have teeth would be an oil embargo, which the world couldn't easily afford; how does $5/gallon gas sound? Iran's too big a piece of the world oil market to take it off-line without doing a number on the world economy. $5/gallon for a while would be worth it to avoid nuclear-equipped mullahs or a nuke-packing Hezbollah, but not everyone's going to think that way.
I'm still wrapping my mind around the California greenhouse gas initiative. They're at least using some market forces to bring down CO2 emissions, using a cap-and-trade system similar to what is currently used successfully in sulfur-dioxide controls on a national level; the EU is supposed to be working on a CO2 trading scheme that might be interlinked with the California plan.
Ahnold clinched reelection with this move, but may have trashed the manufacturing sector in California in the process.