The Federal Housing Administration (FHA) is in deep trouble. After tripling the size of its insurance to $1 trillion in the past four years, it's now balancing an extremely leveraged portfolio with a dangerously small cash cushion. Unless the economy makes a swift recovery, the FHA will need a massive taxpayer bailout—between $50 and $100 billion. And if the economy turns down for any reason, even more funds would be needed.

Victory in the so-called "war on terrorism" will be measured less by how rapidlythe United Statesdeploys or how swiftlyit fights than how long and how broadlyit remains engaged.

Completing regime change in Baghdad and spreading democracy in the Middle East will require an open-ended commitment and more political resolve thandemonstrated in Washington.

The messy, sometimes incompetent, and occasionally corrupt administration of our elections has been a fact of life, but for everybody else, it is a shock.

Wharton School professor Joseph Gyourko explains in a new research paper, Is FHA the Next Housing Bailout?, that the FHA will need a massive $50 to $100 billion bailout unless the economy makes a swift recovery.

As Arizona GOP Sen. John McCain is fond of saying, Congress, with an approval rating of 9 percent to 13 percent, is down to “blood relatives and paid staff.” It is no wonder that President Barack Obama is running against the “do-nothing” 112th Congress and that the pitch is resonating with lots of voters.

The European financial crisis and the ineffective effort to stop Iran’s nuclear-weapons program are crashing into each other. As the European Union adopts new restrictions on importing Iranian oil, the most-troubled EU economies will continue to seek delays and exceptions.