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The Great Recession could have spawned another era of fundamental reform, just as the Great Depression did. But the financial rescue reduced immediate demands for broader reform. Obama might still have succeeded had he framed the challenge accurately. Yet in reassuring the public that the economy would return to normal, he missed a key opportunity to expose the longer-term scourge of widening inequality and its dangers. Containing the immediate financial crisis and then claiming the economy was on the mend left the public with a diffuse set of economic problems that seemed unrelated and inexplicable, as if a town's fire chief dealt with a conflagration by protecting the biggest office buildings but leaving smaller fires simmering all over town: housing foreclosures, job losses, lower earnings, less economic security, soaring pay on Wall Street and in executive suites.

It's the perfect self-perpetuating cycle:  (1) They hate us and want to attack us because we're over there; therefore, (2) we have to stay and proliferate ourselves because they hate us and want to attack us; (3) our staying and proliferating ourselves makes them hate us and want to attack us more; therefore, (4) we can never leave, because of how much they hate us and want to attack us.  The beauty of this War on Terror -- and, as the last two weeks have demonstrated, War is the bipartisan consensus for what we are and should be doing to address Terrorism -- is that it forever sustains its own ostensible cause.

[Barring unforeseen events, I'm going to leave this post at the top of the page for today and tomorrow, as I think the events it examines, rather in detail and at length, are vitally important and merit much more attention than they've received] The Obama DOJ's effort to force New York Times investigative journalist Jim Risen to testify in a whistleblower prosecution and reveal his source is really remarkable and revealing in several ways; it should be receiving much more attention than it is.  On its own, the whistleblower prosecution and accompanying targeting of Risen are pernicious, but more importantly, it underscores the menacing attempt by the Obama administration -- as Risen yesterday pointed out -- to threaten and intimidate whistleblowers, journalists and activists who meaningfully challenge what the government does in secret. The subpoena to Risen was originally issued but then abandoned by the Bush administration, and then revitalized by Obama lawyers.  It is part of the prosecution of Jeffrey Sterling, a former CIA agent whom the DOJ accuses of leaking to Risen the story of a severely botched agency plot -- from 11 years ago -- to infiltrate Iran's nuclear program, a story Risen wrote about six years after the fact in his 2006 best-selling book, State of War.  The DOJ wants to force Risen to testify under oath about whether Sterling was his source.

When Joe Homeowner bought too much house, essentially betting that home prices would go up, and losing his bet when they dropped, he was an irresponsible putz who shouldn't whine about being put on the street. But when banks bet billions on a firm like AIG that was heavily invested in mortgages, they were making the same bet that Joe Homeowner made, leaving themselves hugely exposed to a sudden drop in home prices. But instead of being asked to "suck it in and cope" when that bet failed, the banks instead went straight to Washington for a bailout -- and got it.