The coming cycle is well worth our attention, not because of the results but because of the political, social and economic contexts in which these elections are going to take place. This cycle is quite different from the three preceding ones, in 2000, 2004 and 2008. And therefore, what might happen after the election could be quite different as well.

The prospect of an attack on the Supreme Court and other institutions of government is sobering. The Continuity of Government Commission has identified recommendations to ensure that the presidential succession system functions to produce a legitimate president in a timely fashion and that Congress can continue to operate even shortly after a catastrophic terrorist attack.

The European Union is planning to tax all airlines that travel to and from the 27 EU nations based on the amount of carbon emissions they produce.  The tax, to be collected beginning in 2013 for prior year emissions, will be calculated based on the length of each flight. The farther the airlines travel, the heftier the tax.

In December 2010, the President's Fiscal Commission failed to garner the necessary supermajority to pass its plan to reduce the deficit. Now, with the super committee, starting work on its effort to propose $1.5 trillion in deficit reductions, some have speculated that history is about to repeat itself. However, a closer examination reveals a night-and-day difference.

The overall direction of the Commission majority's report was determined before the Commission started its work. Throughout its 18 month life, the Commission focused only on issues that the chairman wanted to cover, was more interested in publicity than in a thorough investigation, and never paid serious attention to other views. It was not in any sense an objective or thorough study, did not produce any facts or data that could aid scholars in the future.

The FCIC's report fails to address the cause of the deterioration in mortgage underwriting standards that led to the housing bubble widely accepted as the key factor in destabilizing the American economy.

This report was written by George W. Alger in 1934. It investigates the management and affairs of the Insurance Department with reference to operation, conduct and management of title and mortgage guarantee corporations under its supervision.