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How the Bush presidency started with hopes in domestic policy that were never to come to fruition. Jacob Weisberg, editor of Slate, reflects on the promise of the Bush State of the Union address of Feb. 2001, and the compassionate conservatism it evoked- the Bush priorities of education, setting higher educaion standards, immigration reform, helping needy and at risk children, health care access. He recalls the words used by Bush in Spanish: "Juntos podemos," we can do it together. As governor of Texas Bush had focussed on racial disparities and gaps in education, winning 27% of black votes and a third of Hispanic votes. Then came 9/11 (2002), weapons of mass destruction (from 2003 onwards), which soon overshadowed the education efforts, grants to extend health insurance coverage, initiative to encourage mentring of at-risk children. The $10 billion program to fight AIDS in Africa and the Caribbean is a part of the Bush legacy, other areas were overcome by the distraction of wars in the Middle East....

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Jeff Madrick asks what kind of Wall Street and banking industry would best serve the American people.

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Pultizer prize winning journalist for reporting on the Middle East, Karen Elliott House, reports on Saudi Arabia and Middle East following the Arab Spring and the changes in the Middle East. A vast demographic of young people is stuck in the region facing an impasse of poor leaders, internal divisions, and lack of jobs or economic opportunity, following a failed Arab Spring. Their aspirations for a better life on hold.

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The initial information of 4 million records affected by the hacking into records at the Office of Personnel Management of the U.S. government is now shown as a serious underestimate. The agency now says 19.7 million who were given a background check, and an additional 1.8 million people are affected. The agency now says there were separate incidents of hacking with this incident separate from the other incident for 4.2 million records hacked, both perpetrated by the same hackers. The two hackings are reported to be from China. A security official at the department of Homleland Security, says the access to the personnel records was made through the use of the credentials of a contractor which were available to the hackers.

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China's current account surplus has declined to 2.8% of GDP for 2011 from about 10% in 2007, and will be around 2.3% of GDP in 2012, according to IMF estimates. The U.S. current account deficit is down to 3.1% of GDP from 5.1%. By controlling the exchange rate China was able to keep the competitiveness of its exports, resulting in a five fold increase in exports from 2000 to 2010, according to the IMF. The decline could be temporary say experts, as the the recession in Europe and the U.S. resulted in slowing exports, with its infrastructure buildup sucking in imports of machinery and other goods from the western countries at an accelerated pace with its 2009 stimulus measures. Another reason is that in the last decade China has developed its own high tech and other companies which will now increase exports. IMF forecasts show a pickup in China's trade surplus to 4.25% by 2017. This could be lower if the renminbi is allowed to appreciate. Estimates of appreciation of the renminbi are 8 percent in nominal terms since June 2010 against the dollar. Including inflation, which is higher in China, the renminbi has appreciated by 13% since June 2010. ...

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Morgenson cites Paul Diggle, property economist at Capital Economics in London, about why the $26 billion mortgage settlement between the state attorneys general, the U.S. government and the large U.S. banks is unlikely to make much difference to the foreclosure problems in the housing market. The agreement provides for reducing principal by $17 billion over 3 years for homeowners under water. Diggle points out that $17 billion is a drop compared to what is needed, because 11 million homeowners are now under water on their loans to the amount of $700 billion. The $17 billion is a mere 2.4% of the negative equity of $700 billion.

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The Washington Post is critical of the military's arrangements for the transition to democracy in Egypt. It calls on the Obama administration to make the military in Egypt accountable for a return to democratic government in Egypt, including suspension of aid. The military's role in ousting an elected government which would have been tested in coming legislative elections is seen as a serious mistake.

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Citigroup trades March 5, 2009, at intraday price of 97 cents. Its now in the penny stock region.