In a recent letter, Martin Lobel describes as "intellectually bankrupt" our arguments against S. 940 and S. 2204, two recent bills that would have imposed unfavorable tax rules on five large oil companies that would not have applied to other taxpayers. Unfortunately, Lobel mischaracterizes our analysis of why the bills violate the rule of law.

AEI Resident fellow Alex Pollock examines past sovereign debt crises, especially the European crisis of the 1920s, in the context of the current economic situation for a piece in the latest Financial Services Outlook and the Wall Street Journal.

History shows us that sovereign governments often default on their loans, particularly in times of war or economic upheaval. Europe finds itself in this situation now and would do well to examine past sovereign debt crises—particularly, the European sovereign debt crisis of the 1920s—for lessons.

Noda's most important challenge will be an apathetic citizenry that has lost faith in its leaders and whose demand for competent leadership from the DPJ has been dashed by the failure of former prime ministers Kan and Yukio Hatoyama.

For all the drama surrounding the narrowly averted government shutdown, this was just the warm-up round. The real budget fight begins in a few weeks, when Congress must take up legislation to raise the federal debt limit.

High-quality residency programs are swell, but before the eight states that have signed onto the NCATE and the Department of Education get too far ahead of themselves, take a breath to make sure this has a happy ending.

Though poll numbers suggest large Republican gains in the House this November, Republicans should be cautious because picking up 39 seats is still a steep climb.