Is it panic time at Obama headquarters in Chicago? You might get that impression from watching events -- and the polls -- over the past few weeks.

Behind the disdain of the high-minded for negative campaign spots is a fear that they will erode Americans' faith in politics and government.

There has been much handwringing recently about super PACs and their potential to doom the American political system. As the argument goes, super PACs mean that corporations or wealthy individuals can make unlimited contributions to groups that are thinly-veiled surrogates for candidates, so candidates can stay positive while the PACs function as attack dogs. Trouble is, this argument isn't true.

The scene came to mind Wednesday when I saw an instantly infamous clip of Eric Fehrnstrom, Mitt Romney’s communications director, comparing his candidate to a children’s toy.

As the president has ramped up into campaign mode, he has studiously avoided mentioning most of his signature accomplishments. One can see why. The one thing President Obama always seems to mention is the auto bailout. His implication that the bailout is succeeding-that it will not ultimately be a loss for taxpayers-is a constant theme of Democrats.

Romney's negative attacks are an attempt to get them to focus on the qualms many former Gingrich colleagues have about him. It's a risky move, but probably not as risky as Obama's.

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.