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Stephen Moore of the WSJ interviews Grover Norquist, head of the advocacy group Americans for Tax Reform. Republicans in Congress and other Republican leaders have signed on to the "no new taxes pledge" promoted by Norquist. There is increasing pressure on Norquist as the media, White House, and executives on Wall Street call for flexible positions from both sides on taxes and spending cuts. Norquist insists that not much has changed. He says that the increase in taxes on the rich is only symbolic and has to be followed up with increasing taxes on the middle class. He cites a Rasmussen poll that shows 75% of Americans believe this. Norquist is convinced that the Democrats with their spending plans are out to take the U.S. in the direction of European economies, the tax increase on the rich would be followed up with a energy tax or a value added tax to pay for unrestrained spending. His solution is for Republicans to pass a bill that extends the current tax rates past January after roughing it through the tax cliff date. Even the sequester option is better than increasing taxes says Norquist, letting the Defense Department make the cuts where appropriate. Norquist does not favor the option of reducing tax loopholes and deductions as a way to increase taxes as proposed by Simpson Bowles commission and Ryan-Romney in the election campaign. ...

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Thomas Friedman of the NYT sees a climate change as an area in which Trump has ignored the information of eminent scientists. He sees a weakness of the Trump administration in Trump's putting no importance to briefings by experts from climate change to national security briefings. Friedman sees Russia and hacking as a major issue facing the new Trump administration, including the new hearings in Congress from leading Republicans on the cyberattacks.

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In exceptional reporting from Seoul, WSJ's John Lyons shows how the opinion has shifted in a matter of months in South Korea over installing the anti-missile Thaad system provided by the U.S.  Gallup South Korea polls show that since the election campaign earlier in 2017 opinion has shifted sharply, from 52% supporting Thaad to 72% support after the July 28, 2017 North Korean launch of an ICBM missile recently. When he took office president Moon halted installation of 4 addition Thaad anti missile launchers, now Moon supports installation. and it is moving ahead.  Anti-war activists earlier protested the installation at a golf course in Soseong-ri, and formed a group supporting Moon. Now only a few protesters are to be seen, says Lyons. 

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Mokoto Rich of the NYT discusses sentiment in Japan as the North Korean nuclear program advances. A majority of Japanese surveyed do not favor preemptive strikes. Japan's Constitution only allows acting in self-defense. Experts say Japan has to consider what it would do for missiles flying over Japanese territory in the direction of the U.S. A Japanese government ruling in 1956 allows acting in self-defense in a broader way. Yet the public in Japan is not sure what is the best way to respond. Also to be considered is how this will be seen in South Korea and China- would Japan taking a greater defensive role and building its own anti-ballistic missile system defenses lead to greater tensions in the region.

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The home ownership rate for the U.S. in March 2012, is 65.4%, the same rate as in 1997 before the housing bubble, according to the U.S. Census Bureau. The irony of this is that the housing bubble was inflated by politicians in Congress and mortgage lenders and purchasers of mortgage securities. Fannie Mae and Countryside worked together ostensibly to promote home ownership while pursuing profits. In the case of politicians they pursued goals of raising employment and growth without understanding the risks of artificially inflating home ownership, and without consideration for incomes of subprime borrowers. A less benign view of the interests and goals of politicians comes from reflections on the impact of political lobbying by Fannie Mae and other housing lenders in the U.S. Congress. The consequences in terms of foreclosures have been devastating for minorities as well as other middle class homeowners. It has also damaged the U.S. banking system, credit growth in the economy and prospects for recovery, which will take years to correct. The federal government is also saddled with large losses at Fannie Mae because of its quasi government agency role. That role led to inflation of the bubble. Most of the consequences will be borne by middle and lower income households in the U.S. The pass-through effects in a global economy affect Europe, and emerging market countries. ...