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 Good morning. Apologies for the delay. Here's the news: 1. The FT reports: "Italy is the hinge of the eurozone. The 17-member bloc can survive a crisis engulfing Greece, Portugal, Ireland, and maybe even Spain. If Italy becomes infected, however, the eurozone has neither the financial nor the political resources to go to Rome’s rescue." 2. Martin Wolf argues that now is the time to "borrow and spend" to prevent a second great depression. He notes that this is the message that the bond markets are sending to the world's financial and political leaders. 3. The spector of the collapse of Lehman Brothers looms over the eurozone. European policy-makers are terrified that a major bank in the eurozone will fail and cause a replay of the Lehman crisis of 2008. 4. The New York Times reports: "Germany’s Constitutional Court upheld the legality of Berlin’s rescue packages for debt-stricken euro zone countries, but said any future bailouts must be approved by a parliamentary panel." 5. President Barack Obama, in a "major" speech tomorrow evening, will propose roughly $200-$300 billion in tax cuts and government spending to spur job creation. 6. Mitt Romney yesterday offered his ideas for re-starting economic growth in the United States. His 59-point plan received tepid reviews. 7. The GOP presidential candidates will debate one another tonight at the Reagan Library in California. The debate will be carried by MSNBC. All eyes will be on Texas Gov. Rick Perry, who has emerged as the undisputed front-runner for the 2012 GOP nomination. 8. Josh Kraushaar convincingly argues that Gov. Perry would be a formidable general election opponent against President Obama. Read the whole thing. 9. In what is fast becoming a daily feature, Politico today offers yet another take on the "incredible shrinking Obama." It recaps the president's political woes.
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