CHINA/Before heading off to enjoy your weekend, I would encourage you to take a look at Emily Kaiser’s special report on income inequality in the United States, and a growing body of opinion that links high levels of income inequality with financial crises.

It may not be a coincidence, many economists believe, that income inequality in 2007, just before the latest crisis hit, reached its highest level since before the Great Depression. Read on.

And in other news, as they say in the business, Dan Quayle’s son can spell potato.  Ben is vying to represent the Third Congressional District in Arizona, where he has come under fire for being too young and inexperienced to hold office. But as our blog reports, at least he passed the spell test. 

And on that note, I am off to enjoy the rest of my birthday. Have a great weekend.

Here are our top stories from Washington today…

No surprises seen in WikiLeaks Iraq war data-Pentagon

The Pentagon does not expect big surprises from an imminent release of up to 500,000 Iraq war files by WikiLeaks, but warned that U.S. troops and Iraqis could be endangered by the file dump. The leak would be much larger than the group’s publication of more than 70,000 documents in July, the largest security breach of its kind in U.S. military history.