WORLD EVENTS
ECONOMICS
The Dow Jones Industrial Average vaulted to record highs.
The dot com business cycle gave way to the mega merger cycle.
The total U.S. debt (financial and nonfinancial sectors) crossed the $40 trillion mark.
Two new economic powers emerged: China and India.
POLITICS
Neocon "axis of evil" policies failed at considerable expense to the U.S.
North Korea became a nuclear power.
Iran asserted its right to become a nuclear power.
The war in Iraq became unwinnable.
Israel attacked Lebanon but could not defeat Hezbollah.
A new political power emerged: Global popular Islam.
Democrats won both the House and the Senate.
U.S. LAW
Post Enron fraud settlements: Bankers paid more than $7 billion, but admitted no guilt.
Net disadvantage to the middle class: Eminent domain and new bankruptcy law.
Copyright © 2006 by Dr. Edward
E. Ayoub. All Rights Reserved.