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The sense of a forgotten American soldier as the war winds down in Afghanistan and Iraq.

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Putin was born in St Petersburg, then called Leningrad, where his father worked in a factory making railway cars. He studied law at Leningrad State University, graduated in 1975 and went through KGB training before going to Dresden in 1985, where he remained with the KGB till 1990 and the collapse of the Berlin Wall. By 1990, the Soviet Union collapsed and from 1990 to 1996, Putin worked in St. Petersburg first as assistant and then as Deputy Mayor with Anatoly Sobchak, a law professor at Leningrad State University, and Mayor of St. Petersburg. After Sobchak narrowly lost the election, Putin left for a position in the property department in the Kremlin, joining other Sobchak associates who worked in the Kremlin. From 1996 to 1999, Putin moved up quickly in the chaotic Yeltsin years. In 1998 he was promoted to head the FSB, the successor to the KGB. And in August 1999, Yeltsin appointed Putin Prime Minister. In December 1999, Yeltsin appointed Putin acting president. Putin named Medvedev, deputy chief of staff in 2000. The five years in the St. Petersburg city administration and the years in Moscow in the Kremlin under Yeltsin were chaotic years for Russia and for Putin, as he observed first hand the lawlessness and general breakdown in Russia. This may have influenced the early Yeltsin years enthusiasm for democracy, to an appreciation of the problems for democracy in the actual environment that he was facing in Russia. He developed a distrust of the innocent enthusiasm of Americans for a wholesale transfer of American and British political institutions to the Russian environment. This was a period of great shock in Russia, as even the lifespan of Russians was declining rapidly in this period, and there was a lot of poverty. The struggles between the Mayor and the city council in St Petersburg, even as the city was facing food shortages and economic collapse, and the latter Yeltsin years may have convinced Putin of the need to combine democratic society and elections with a strong central administration, with authority concentrated in a Presidential system and not a parliamentary democracy. In bringing central direction he brought in his KGB connections, but in choosing his successor he turned to a law student at Leningrad State University of Sobchak's, who is quite different from Putin's KGB associates. Medvedev is a softspoken thoughtful administrator and intellectual compared to Putin, and his experience covers the 10 years both Putin and Medvedev spent together both in St. Petersburg and Moscow in 1990-2000, and the period from 2000 to the present day- when Medvedev served both as Putin's head of staff and as head of Gazprom. See the link to the St Petersburg Times, November 6, 2007 on Medvedev. From his St. Petersburg days Putin clearly understood the need for foreign investment and the need to create a climate for attracting foreign investment. This seems to be happening as Russia draws more foreign investment for industry and infrastructure. His background with the KGB shows up in the centralization of authority in the light of the chaotic years and economic collapse preceding it. And his days as part of Sobchak's efforts to bring democracy to St Petersburg shows up in his continuing respect for democratic elections and the Russian constitution. One compromise was made in the process- a consolidation of the media so that opposition's access to the media may not be what it could be, and at the same time it does reflect the tide of popular opinion in Russia that credits the economic recovery and progress and optimism for the future to the Putin administration. ...

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Greenspan testifes before the House Oversight Committee headed by Congressman Henry Waxman (D., California). Congressmen read back quotations from Greenspan where he talked about the resilience and efficiency of American free markets and defended derivatives and complex financial instruments. Some referred to the comments he made saying that housing markets would not collapse and the worst may well be over. Almost by 10 to 1 the readers responding to a WSJ poll say Greenspan was responsible for easy money for most of the decade and his lack of the most elementary safeguards for the economy instead defending derivatives and complex financial instruments, and considering the bubble in house prices as not the Fed's concern. Many used expletives deleted or the words "clowns" or "illiterates" for Greenspan and associates at Treasury. A congresswoman from Minnesota asked pointed questions about state effforts to stop predatory lending that were nixed by the federal authorites under Greenspan and Treasury's watch. She thensuggested that they the stewards of the economy try pragmatism and commonsense for policy decisions. Describing the present crisis he seemed so out of touch that when asked about rising foreclosures and need to stabilize home prices, he still was trapped in his libertarian ideology and impulses. He said transfer payments should be tried instead as modifying the mortgages would not be good in the long run when markets return to normal. He said this crisis has still some months to go. In these observations he showed that he has still not grasped the full extent of the crisis, as a realistic assessment of the economy suggests that the economic downturn has not really hit in terms of unemployment and drops in consumption, which will hit in 2009 and 2010 and years beyond. He looked old and worn out showing every bit of his 81 years, which begs the question how could he have been chairman for 17 years till he was nearly 80, as he was still Fed chairman just 2 years ago. There are term limits for mayors, and for President, how is it that there are no term limits for Fed chairman? Should'nt the Clinton administration or the Bush administration have made a new appointment to get fresh blood, fresh thinking, just as corporations do. Wells Fargo chairman Kovacevich is supposed to retire, even though he has good skills for accomplishing the merger of Wachovia having done this for Norwest. Bloomberg is fighting the term limits to stay on for another term and will need a special vote. Doesn't senility hit the best of us, and isn't there an age when people should have to retire from these positions, long before they get close to 80. An assessment of Greenspan watching him over the years would show that he loved data and data analysis, and trusted data as almost carrying infallible weight. As most of the data he looked at was for the postwar expansion of the USA economy, he saw as he himself testified this week data that showed the economy with small setbacks to be sure but on a constant upward trend. The way down he said in response to a question the data looks completely different, with fear and lack of trust and other things making this pattern have no relationship whatsoever with the way up. Greenspan and the nation's misfortune maybe that for too long the country's political leaders trusted over two decades a man who did not have the healthy skepticism of data even when it appeared to reflect certainty, and did not have the healthy impulses for safety and safeguards that surpass all ideological thinking, and a respect for basic ethics and common sense that goes beyond everything and puts it above everything else. This is a misfortune because these are qualities required for good leadership especially leadership entrusted with such huge responsibilities which can never be taken lightly. ...

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Shiller points out that statistical models used by economists can't quantify the risk of a double-dip recession. Confidence indexes show gradual trends so they too are poor at picking up the dangers inherent in the increasing levels of uncertainty and the increasing vulnerability of confidence in the economy. The potential of sudden events in derailing confidence is great. He cites the 10 percent drop in the U.S. stock market on May 6, as one example. And the potential of the BP oil spill creating havoc for the Gulf economy is another such event. Shiller says his definition of a douple dip recession looks at the long term, and doesn't see the short term as a way to correctly read the economic situation. He sees a douple dip recession as a rise in unemployment to high levels, and becomes sticky after that, only nudged down insignificantly. Before unemployment can be brought down a second recession occurs, and there could be years in between. Shiller's Buy-on-Dips stock Market Confidence Index prepared since 1989 shows a steady decline in individual investor confidence since 2009....

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The situation in Guangdong province in 2012, with older factories unable to compete with the rising wages, stricter environmental enforcement, and lower export demand. Many Taiwanese manufacturers are closing factories. The growth in Dongguan, a manufacturing hub in Guangdong, is estimated at 3.5% for the first three quarters of 2012, half the overall rate for Guangdong province. A researcher in a Chinese think tank says China's manufacturers are in a kind of "sandwich trap" with competition from Vietnam and India in lower wage production and competition from Germany and the U.S. in higher wage technology intensive products. This is especially true in 2012-2013, now that U.S. and German manufacturers have reduced costs and increased competitiveness.

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Miller says the whole thing about the super-committee, the polemics between Republicans and President Obama about deficits and billionaires, could end up being a charade with Obama hoping to squeeze by in the 2012 presidential elections and the Republicans equally intent on getting 51%. In the end Obama's poor handling of the debt ceiling, including an unwillingness to go ahead with raising the debt ceiling even if it went to court, says Miller, shows a basic failure of the Obama presidency. In the end he thinks its not that the centre-left is going to be mad at Obama, they will be mad at themselves for believing he was going to be any different.

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Speaking at a banking conference, advisors including the head of Russia's largest retail bank Sberbank, German Gref, minister of the economy, Aleksei Ulyukayev, and head of the central bank , Elvira Nabiullina, express deep concern about the economic prospects in 2015. Foreign investment is down from about $90 billion in the 1st quarter of 2013 to a negligible amount in the 3rd quarter of 2014. Capital outflows following the Ukraine crisis are estimated at about $110 billion by former finance minister Alexsei Kudrin. The ruble dropped to its lowest level against the dollar since the 1990's. And the sharp decline in oil prices with Brent crude at about $90 is another risk factor as 50% of the budget comes from oil and gas revenues and 60% of exports are still oil and gas, with no serious or effective effort to diversify under the Putin adminstration. Putin told the banking conference that a deficit free budget and reserves of $460 billion are "fundamental factors supporting stability." Advisors and leading bankers remain unconvinced. The problem is that even at the beginning of 2014 before the Ukraine crisis foreign investment had slowed to a trickle, similiar to what India experienced in 2013. The central bank head says her effort to open up the bond markets in Russia to foreign investors is now in vain because there are few foreign investors. Instead of reversing the situation as is happening in India with the new Modi administration, policy under Putin and the Ukraine conflict may have scared investors away with the increasing western sanctions and stagflation (estimated 8% inflation and about 0.5% growth in 2014). The head of Sberbank Mr. Gref told the banking conference- "The Soviet Union broke apart because of the mind boggling incompetence of the Soviet leadership. They did not respect the laws of economic development." The problem with sovereign reserves is that it can protect a sovereign currency such the Russian ruble or the Brazilian cruzeiro to some extent, but today's vibrant economies need foreign investment and foreign technology for growth. Even a country such as China with a trillion dollars in reserves needs the reserves in its special case because of its billion plus aging population, and is no exception to these laws of economic development about the need for foreign technology and foreign investment. ...

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Indifference on the Republican side, and a sense that not much is going to get done on the Democratic side, as President Obama pitches a $447 billion second stimulus plan in a speech to both houses of the U.S. Congress on September 8, 2011. Dana Milbank documents the attitudes and skepticism with which members of Congress received the proposals- a general sense that President Obama was too weak and ineffective to get things done and has lost credibility. John Taylor, senior economic advisor on the Republican side pointed out in a Wall Street Journal column a few days before the speech, that the jobs proposals Obama and economic advisor Alan Krueger were presenting were similiar to old plans that have not produced results. Taylor viewed them as placing too much reliance on government and not enough on the private sector to generate economic growth and jobs.

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A very relevant comment about the media coverage on Putin's negotiations in Beijing for supplying natural gas to China, by a reader of the WSJ, Frank Peel. He points out China and Russia do not share the same goals and Putin talked about the Chinese as tough negotiators after signing the deal. The price as a "commercial secret" is because its years, could be 5, before gas actually flows to China from Siberian fields. Russia, is a smaller oil based economy- having failed to make the transition to a diversified economy- and very susceptible to the economic conditions in Europe and the U.S., as the 2008 crisis showed with very steep drops in output. President Obama has also pointed to this. Russia also shares with Argentina the tendency for elites- in the case of Russia a newly created oligarchy of business interests under Putin and his predecessor- to shift capital out of the country, making it even more susceptible to loss of value of the currency, the ruble. Devaluation of the ruble experienced under Yeltsin was severely traumatic for Russia, and the head of Russia's central bank went on state television recently to reassure ordinary Russians that this would not happen. The rainy day sovereign fund of over $400 billion acts as a cushion for shocks in short periods, but sustained loss of foreign investment would damage prospects for future improvements in standards of living or economic growth....

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Hagel did exactly what the White House expected him to do, say experts, including not coming up with any large ideas on the defense forces, tackling the budget cuts, working with the rank and file in the military, and implementing the administration's policy of reducing involvement in foreign military conflicts. Hagel's role was limited by micromanagement by NSC officials and Hagel was seen as deferential to the military chiefs and generals who had different views of the conflicts in Syria and Afghanistan- some generals seeing the administration's response as hamstrung by keeping resource committment to the minimum in Syria and others saying not enough resources were there to extend involvement to places such as Aleppo in Syria. Hagel resigned after pressure from White House officials who realized the inadequate nature of the very things that the White House expected of Hagel- following what the public sees as failures in the Middle East.

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Harold Meyerson compares the continuing inhumanity of separating parents from children that president Obama has to face with the choice presented to Lt. Colonel Jager at the Berlin Wall in 1989. Jager decided to let both parents visiting West Germany to return to East Germany to their children, even though the father had a stamp on his passport banning a return. He says the Republican control of Congress could last till 2023 by which time current law would have separated millions of parents and children. In 2012 about 13% of schoolchildren in California and Texas had an undocumented immigrant as a parent, according to the Pew Research Center. And for the last 6 years of the Obama administration deportations have reached 400,000 a year, leading to a lot of broken families.

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Senator Mitch McConnell, the Republican Majority leader in the U.S. Senate has come up with a new health care bill that is aimed at winning over reluctant Republican Senators. Two taxes on high income people on 3.8% investment income and a payroll tax of 0.9% on incomes over $200,000 for individuals and $250,000 for couples are retained in this version of the bill, which adds $231 billion over a decade. Some of this is used to offset rising premiums in the new bill, and provide additional funds. The deep cuts to Medicaid are retained and Senator Collins of Maine says she is opposed to the new bill because this will hurt people in rural areas of Maine, and does nothing to change this. Senator Rand Paul of Kentucky is also opposed to the bill. Opposition comes from moderate Senators opposed to deep cuts to Medicaid in Republican health care alternatives to president Obama's Affordable Care Act, and from conservative Senators opposed for other reasons.  Senator Graham of South Carolina and Bill Cassidy of Louisiana introduced their own version just minutes before Mitch McConnell brought up his revised bill. All Democratic Senators are opposed to the Republican bill and call the deep cuts to Medicaid disastrous for lower income people.  ...

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The baffling situation where no executive from Lehman faced charges for accounting manipulation after a long S.E.C. investigation under S.E.C. chief Schapiro. The report by Lehman bankruptcy account examiner Valukos cited accounting manipulation. This NYT report says Mr. Canellos, the co-head of the enforcement unit, was supported by Robert Khuzami in the decision not to move ahead with charges, and S.E.C. Schapiro continued the investigation but did not make the decision to support moving ahead.

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Scientists at the RCA Materials Research Labs did the first work on LED's in the late sixties. The Nobel prize winning scientists from Japan doing research on LED built on the earlier work of these scientists in the U.S.