SAR #11081

This is not an ideal world.

"Imminent Threat" Congress once had the sole prerogative of sending the boys off to war. Then representative government became too leisurely for the snap decision to use nukes. Now it has become simply inconvenient – easier to present the fait accompli to a cowed Congress. Usual prize for anyone who can find a constitutional basis for our war with Libya, or a definition of “consulting Congress” that passes the smell test. Ditto for Iraq. And Afghanistan. I'll even accept a rational argument for any of them.

Even So: The National Association of Realtors, which admits it is still overstating sales, reported that existing house sales declined 9.6% m/m in February while the inventory of existing houses for sale grew 3.5%.

Future, Tense: If you liked the Fukushima Daiichi extravaganza, watch geoengineering save us from global warming.

Bush 3: The President who promised to close Guantanamo Bay's torture center just signed an executive order that creates a formal system of indefinite detention for Guantanamo Bay inmates and anyone else who pisses off the Government.

"Fully Comply": The Federal Reserve, having fought all the way to the Supreme Court against telling the citizenry which banks got how much in the way of handouts – and having lost at every step of the way – has sullenly agreed to “fully comply with the court's decision” and will make the information available as slowly a possible, even if it might dissuade banks from accepting free money in the future. We should be so lucky.

Open Your Eyes: If you've had trouble imagining what the decline of an industrialized, oil-driven economy would look like, take a good look around.

Reminders: Home prices continue to go down, the number of underwater mortgages is expected to reach 48% by the end of the year. The number of foreclosures set a record in 2010 that will be surpassed again this year. New home sales are down 80% since July 2005. The recovery is nearly two years old.

Domestic Disturbance: Libya was not about genocide, it was a domestic disturbance edging into civil war. Intervening in domestic disturbances is a very dangerous proposition. The Libyan rebellion had failed and then we've stepped in to rescue them, to protect them. Next we'll arm them. We can't let Gadaffi win, so maybe we'll send in a few advisers...