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from The Great Debate:

Perry’s indictment: Crime and punishment, Texas-style

Texas Governor Perry, a possible Republican candidate for 2016 presidential race, answers questions from reporters following appearance at business leaders luncheon in Portsmouth

It’s a big country, where states have their own legal peculiarities, political cultures and definitions of what makes a debilitating political scandal. Take Texas, for example, where the Republican governor, Rick Perry, has been indicted for abuse of office.

In the past 25 years, we’ve seen politicians and government officials increasingly treat scandal less as catastrophe and more as just another cost of doing business. Perry, however, has taken this to a completely new level: He is wearing his indictment as a badge of honor and has smoothly returned to his 2016 presidential campaign without missing a beat.

His is a compelling change of pace. Consider: It’s been a hell of a decade for scandal among state governors -- and virtually all reacted with an advanced degree of alarm. In 2004, Democratic Governor Jim McGreevey of New Jersey, threatened with a lawsuit by another man, promptly held a press conference, revealed himself as a “gay American” and announced his impending resignation. In March 2008, news broke that New York’s Democratic governor, scourge-of-Wall-Street Elliot Spitzer, had patronized call girls. Another press conference, another resignation. Later that year, Illinois Democratic Governor Rod Blagojevich was arrested by federal agents and charged with corruption for his attempt to sell Barack Obama’s vacated Senate seat. Blagojevich launched an animated attempt to clear his name before he was impeached, removed from office, tried and sent to prison.

Supporters hold up a t-shirt with the word "Wanted" written over a photograph of Texas Governor Rick Perry, a possible Republican candidate for the 2016 presidential race at a "NH GOP Victory Rally" in StrathamSouth Carolina Republican Governor Mark Sanford disappeared briefly in 2009 and was discovered in Argentina -- where he had gone to be with his Latin mistress. He fought impeachment proceedings until the end of his term. When Republican Governor Bob McDonnell of Virginia was indicted last year for corruption and bribery, he apologized for bringing “embarrassment” to the state. He is now on trial. Meanwhile, Republican Governor Scott Walker of Wisconsin, involved in an investigation of improper fundraising during his 2012 recall campaign, has been vigorously fighting subpoenas.

from Breakingviews:

Review: Paul Ryan changes delivery but not direction

By Stephanie Rogan

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. 

Paul Ryan has written a book, just like Hillary Clinton and Barack Obama before him. Unlike those of his Democratic rivals, though, the U.S. congressman and former vice presidential candidate’s is less memoir than campaign manifesto. Ryan’s fiscal prescriptions are familiar, but it’s also obvious he is trying to find a broader audience for them. Though it’s tempting to dismiss “The Way Forward” as just the musings of another presidential wannabe, the book’s title probably accurately reflects the notion that its contents will guide the Republican strategy in the years to come.

from Edward Hadas:

Do autocrats and strong economies go hand in hand?

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By Edward Hadas

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Are authoritarian governments bad for the economy? Turkish voters do not seem to think so. On August 10, Tayyip Erdogan won an absolute majority in the country’s presidential election. Observers say that the country’s increasing prosperity is a big part of his AK Party’s appeal. Erdogan is not the only popular authoritarian around. Viktor Orban, who reportedly endorsed “illiberal” government, wins similar majorities in Hungary. If Russia had an election today, President Vladimir Putin would win big. And Xi Jinping, who seems to be making one-party rule in China more authoritarian, would undoubtedly triumph if the government bothered with elections.

from Global Investing:

Sanctions bite Russia but some investors are fishing

By Andrew Winterbottom

Russian stocks are up today, for the fifth day in a row and at the highest level in two weeks. What's going on? As we wrote  here earlier in the week, foreign investors have been fleeing this market.  However it could be that some of them are starting to put aside concerns about the potential for further sanctions on Moscow and are scouring Russia's stock markets for contrarian buying opportunities.

Russian stocks, chronically undervalued, are trading now at a discount of more than 60 percent to broader emerging markets, and to China which by all accounts is the standout beneficiary of the Russian woes. Just how cheap Russian shares are can be gauged from the fact they trade at a discount event to turbulent Pakistan. Here is a link that compares Russian equity valuations with other emerging and developed markets:  http://link.reuters.com/guv77v

from The Human Impact:

From the sickening to the bizarre, Indian politicians still don’t get rape

A member of the Communist Party of India-Marxist uses an iPad to take pictures of a  protest rally in Kolkata

 

Covering women's rights issues for so many years in India, I still find the number of ways women and girls are abused and discriminated against unfathomable.

From their discrimination in accessing health care, education and employment opportunities, to their brutal rapes and murders. From having acid thrown in their faces, to being trafficked for domestic or sexual slavery. From their suicides due to dowry demands, to their molestation on buses and trains. It often feels like a bottomless pit.

from Breakingviews:

German stocks price in sanctions tail-risk

By Olaf Storbeck

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The German economic mini-miracle is on hold. Thursday’s announcement of second quarter GDP, which was not affected by Russian trade hostilities, will probably show a decline from the weather-boosted beginning of the year. Investors are looking for worse. The 8.7 percent drop in the DAX stock index since July 3 puts it among the worst performers of major European stock markets.

from Breakingviews:

Pure politics can’t revive Italy’s coma economy

By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The minus sign in front of Italy’s latest GDP number was a reminder that Europe’s fourth-biggest economy remains stuck in a perma-recession. GDP has hardly increased in the last 15 years, and the 0.2 percent decline in the second quarter was the 11th fall in the last 12 periods. Matteo Renzi, the new prime minister, has offered only political changes. For the economy, much more is needed.

from Breakingviews:

Ushering Eric Cantor to revolving door

By Rob Cox

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The following is a fictional letter that could be circulated in the corridors of K Street, the canyons of Wall Street and the hedgerows of the Hamptons this summer:

from Breakingviews:

Argentine opportunity cost is reason to cut deal

By Martin Hutchinson

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Argentina’s debt negotiators need to think about opportunity cost. A failure to reach agreement with holdout creditors by Wednesday might not make things immediately worse. But it would set back recent efforts to curry favor with international financiers – efforts that could pay off richly for the Argentine economy.

from Hugo Dixon:

UK prepares for possible EU failure

David Cameron looks to be preparing for the possibility that his plan to renegotiate Britain’s relationship with the European Union will fail. The UK prime minister would then campaign for the country to quit the EU in a referendum he plans to hold by 2017. That seems the best way to interpret his appointment of a eurosceptic foreign minister and the nomination of a little-known former lobbyist as Britain’s European commissioner.

This is not to say that Cameron wants to take Britain out of the EU – which would be a historical mistake. It is rather that he apparently thinks quitting could be an acceptable Plan B that would keep him in his job and his Conservative party reasonably united.

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