It's not so much that the European debt relief turned out to be inadequate — it was the politics that proved unrealistic. When leaders don't seem to know what to do, panic sets in. The same inability in Washington to tackle big, systemic problems may cause long-term harm to the American economy.
The National Archives has released President Nixon's long-secret grand jury testimony in the Watergate scandal from 1975. In it, the former president is manipulative, self-pitying and as unrevealing as possible.
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