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Dennis Blair, Barack Obama's new Director of National Intelligence, testified on Capitol Hill about the greatest threat to the United States' national security. No, it is neither global terrorism nor weapons of mass destruction, NBC's Andrea Mitchell reported. The shock waves of the global recession are the new bogeyman. Mitchell strung together a montage of jobless peasants in China, protests in Iceland, layoffs in Japan, riots in Latvia, rallies in Bulgaria, stalled construction cranes in Dubai. "Who is being blamed?" she wondered. "The United States," Director Blair testified. "We are generally being held responsible."
Mitchell's report was an apt intro to David Faber's appearance with NBC anchor Brian Williams to promote his CNBC documentary House of Cards. It traced the global reach of the collapse of the housing market here: "So many of the mortgages that were made to people were packaged up by Wall Street and sold overseas. We are inextricably tied to foreign markets."
Meanwhile on CBS, Armen Keteyian filed an Investigation into the fallout from the burst bubble in Florida. A business called Outreach Housing run by Blair Wright promised, for an upfront fee of $1200, to help foreclosurebound homeowners renegotiate their adjustable rate mortgages. Now the state of Florida is suing Outreach for running a scam. Keteyian confronted Blair in an underground Fort Lauderdale parking lot. Blair blamed the banks as the "bigger villain in all this."
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