Catholic Fire

President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, which could touch off “an even more destructive recession and potentially depression.” His remarks came in a“60 Minutes” interview in which he was pressed by Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy. “You're sitting here. And you're— you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money—’ How do you deal with— I mean: explain. . .” Kroft asked at one point. “Are you punch-drunk?” Kroft said. “No, no. There's gotta be a little gallows humor to get you through the day,” Obama said, with a laugh. Article. It may be a joke to him, but not to the rest of us who are the victims of his decisions.

WASHINGTON – The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system. But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country. Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies. The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in. Gregg appeared Sunday on CNN's "State of the Union."