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from The Great Debate:

Is this Obama’s ‘malaise’ moment?

Obama addresses the White House Summit on Working Families in Washington

Malaise is back.

President Barack Obama's situation is getting perilously close to President Jimmy Carter's in 1979.

Americans see little evidence of an economic recovery, more and more workers are giving up hope of ever finding a job, the burden of student loan debt -- now larger than credit-card debt -- is crushing the hopes of young people, the president's signature achievement, healthcare reform, is broadly unpopular, our borders are overrun by migrant children, Iraq is falling apart, Syria and Ukraine are in turmoil and the president seems hapless and ineffectual.

“Malaise” was the term used in 1979 to describe the deep pessimism Americans felt about the way things were going in the country.  That year, inflation was soaring, unemployment was rising, the United States faced a debilitating energy crisis, a tax revolt had broken out, Americans were waiting in long gas lines, and Iran had a revolution, further roiling the Middle East.

Carter seemed hapless and ineffectual. When the president addressed the nation on July 15, 1979, he appeared to blame the American people. Carter described “a crisis of confidence,” saying, “We see this crisis in the growing doubt about the meaning of our own lives and in the loss of a unity of purpose for our nation.”

from The Great Debate:

Obama’s impossible choices on Iraq

Volunteers who have joined the Iraqi Army to fight against the predominantly Sunni militants, chant slogans in Baghdad

Iraq was a bold U.S. experiment in nation-building. It turned out to be a flop.

That's what we're learning as we watch what the United States achieved there evaporate after nine years of war, after nearly 4,500 Americans were killed, 32,000 wounded and $800 billion in U.S. taxpayer money spent.

from The Great Debate:

What’s happening in Iraq? Some smart takes to help figure it out.

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The Iraq created in large part by the United States after the 2003 invasion appears to be collapsing.

The U.S. military disabled Saddam Hussein’s forces in short order. Then the straightforward part of the war ended. The American-led Coalition Provisional Authority made some fateful choices soon after Saddam’s government collapsed: to disband the Iraqi Army -- one of Saddam’s main methods of keeping the nation together -- and remove all Baathists from the government. Since the Baathists previously had a monopoly on power, they were the only ones who knew how to keep the country running.

from The Great Debate:

How — and why — the U.S. must support Iraq

Mourners carry the coffin of a victim killed by a suicide bomber who blew himself up inside a tent filled with mourners in Baghdad, during a funeral in Najaf A disaster is unfolding in Iraq. It is in part a result of the failed Syria and broader Middle East policies pursued by the West in the past four years.

Insurgents reportedly led by the Islamic State of Iraq and the Levant (ISIL) (also known as “ISIS”) have occupied Mosul, Iraq’s second-largest city, and may be planning to push further south to the capital, Baghdad. ISIL, a largely Sunni jihadist group more radical than al Qaeda, seeks to establish an independent caliphate in parts of Iraq and Syria.

from Nicholas Wapshott:

Whether GM or banks, some companies are still too big to jail

U.S. Attorney General Eric Holder speaks at a news conference at the Justice Department  in Washington

Attorney General Eric Holder is in the middle of a prosecuting binge against some of the world’s biggest companies. Washington’s attempt to bring such large corporations to justice is long overdue.

Tea Party and Occupy Wall Street protesters were furious that financial executives who brought the world to the brink of penury in 2008 paid no price for their reckless behavior. The anger became widespread when the U.S. justice system seemed incapable of bringing culpable individuals and companies to account.

from The Great Debate:

America’s nonintervention is a vote for Syria’s Assad

 Syriaelection77

Many Syrians who voted for Bashar al-Assad in today’s presidential elections did so in the belief that the alternative to the current regime is a takeover by Islamist radicals.

Increasingly, Western leaders agree. As Ryan Crocker, former U.S. ambassador to Syria, said recently, “As bad as the regime is, there is something worse -- which is extreme elements of the opposition.”

from MacroScope:

Euro zone inflation data to set seal on ECB action

Euro zone inflation – due at 0900 GMT - is forecast to hold at a paltry 0.7 percent in May, in what European Central Bank President Mario Draghi has labelled the danger zone below 1.0 percent for the eighth successive month.

After German inflation fell to just 0.6 percent on the EU measure on Monday, well below forecasts, the bloc-wide figure could also undercut. We already know the Spanish and Italian inflation rates were just 0.2 and 0.4 percent respectively last month. If that comes to pass, any doubts about ECB action on Thursday, which are thin on the ground anyway, must surely be banished.

from MacroScope:

France flatlining

We get a flood of EU GDP reports today. Germany’s figure, just out, has marginally exceeded forecasts with quarterly growth of 0.8 percent but France is underperforming again and stagnated in the first three months of the year, missing estimates of 0.2 percent growth.

Robust German growth has been driven largely by domestic demand, which could help its European peers with their exports. Where all that leaves the overall euro zone figure, due later, remains to be seen. The bloc is predicted to have expanded by 0.4 percent.

from Full Focus:

Return to Homs

Residents return to Homs, the "capital of the revolution" that was once vibrant with pro-democracy crowds but is now associated with images of ruin that epitomize the brutality of Syria's civil war.  A complex deal ends years of siege between rebels and forces loyal to Syria's President Bashar al-Assad. The fall of Syria's third largest city to government forces is a major blow to the opposition and a boost for Assad.

from The Great Debate:

Obama: Ineffectually Challenged

President Barack Obama is in a funk. Americans are coming to see the president as ineffectual. That is a dangerous perception.

Obama's job approval rating is at risk of dropping below 40 percent. Democrats may lose their majority in the Senate this fall. It may be difficult for the president to accomplish anything during his last two years.

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