“We don’t turn back. We leave no one behind. We pull each other up.”
In Democratic convention speech, Obama vows ‘our problems can be solved’ — with more time
From the Washington Post
President Obama appealed to the nation Thursday night for another four years in office, asserting that his policies are slowly returning the country to economic prosperity while arguing that his Republican opponents would pursue a course that would set the country back and harm the well-being of middle-class families. Obama said the choice between him and Republican Mitt Romney represents the clearest in a generation, a choice between sharply contrasting visions and political philosophies. But after entering office in January 2009 amid outsized expectations, he cautioned that the path he offers may be hard but will lead to “a better place.”
Bill Clinton’s speech at the Democratic National Convention was a remarkable combination of pretty serious wonkishness — has there ever been a convention speech with that much policy detail? — and memorable zingers. Perhaps the best of those zingers was his sarcastic summary of the Republican case for denying President Obama re-election: “We left him a total mess. He hasn’t cleaned it up fast enough. So fire him and put us back in.” Great line. But is the mess really getting cleaned up? The answer, I would argue, is yes. The next four years are likely to be much better than the last four years — unless misguided policies create another mess.
ECB to Buy Sovereign Bonds in New Program to Save Euro
From the CNBC
European Central Bank Chief Mario Draghi said the "euro is irreversible" as he announced an "unlimited" new bond-buying program at a press conference in Frankfurt, after the central bank decided to keep its benchmark interest rate on hold. The program called "Monetary Outright Transactions" or MOT would focus on the secondary sovereign bond market. Draghi said it was necessary to deal with "severe distortions" in the bond markets. Bond yields have risen in recent months for Spain and Italy, sparking worries the debt crisis was spreading. Draghi confirmed reports that the ECB would only buy bonds with maturities of up to three years; the purchases would be sterilized, i.e. the central bank would mop up the extra liquidity that was created; and the ECB would not have seniority over private creditors.