The agreement includes five major banks: JP Morgan Chase, Bank of America, Wells Fargo, Ally Financial and Citigroup, but does not include mortgages serviced by Fannie Mae and Freddie Mac, the two government agencies many blame for the housing collapse.

Still, it is something. Up to one million people will be helped with reduction of their principal, and 750,000 people who have already been foreclosed upon will receive $2,000 checks, admittedly a paltry sum compared to the value of the homes they lost. Still, the average benefit per homeowner is estimated to be about $20,000, and economic experts note that even though it seems to be a pittance compared to the breadth of the problem, even a small effort to clear the housing stock can create a snowball effect.

The award grew out of an investigation by the 50 state attorneys general, and they preserve the right to prosecute banks on other matters including criminal abuses. Of course, the Republicans will probably denounce it because it does not fit with their “pure” version of capitalism, but that just shows their lack of compassion and willingness to put ideology ahead of people.

With the final troops having left just two months ago, the embassy staff had swelled to 16,000 people, with only 2,000 of them as actual diplomats. Meanwhile, Iraq has exerted its authority and made things as inconvenient as possible for the United States, especially the security contractors who are viewed as “cowboys.”

The political situation prohibits the Prime Minister, Nuri al-Maliki, from being overly friendly to the United States, and the size of the embassy makes it seem like U.S. occupation under another name.

As a comparison, the staff for the U.S. embassy in Turkey is only 55, with less than 10 of them as actual diplomats. So Iraqi suspicion of the U.S. embassy’s purposes may actually be grounded in fact.

Perhaps, it is our unwillingness to acknowledge that the lives of all our young Americans may have been lost in vain, a reluctance to admit the size of our error in invading that nation.

At least, the cut in our embassy staff will ensure that we do not compound our mistakes in the future.

Using leftover restrictions from the Mubarak regime, the current military government has raided the offices of groups it welcomed last fall and now arrested some of the key members. A total of 19 Americans from the National Democratic Institute and the International Republican Institute are affected, and the danger they face seems very real.

Meanwhile, 40 Congresspersons, the Secretary of State and the President have contacted the head military leader, Field Marshall Tantawi, to note that by recent law, the U.S. must certify that Egypt is making progress towards democracy before releasing more than $1 billion in military aid.

Their pleas seem to be falling on deaf ears. In the past, when Egyptian governments have experienced upheaval, they have tried to divert their public’s attention by redirecting anger towards the United States, an unpopular entity due to its support of Israel the the Iraq war.

Yet any kind of break in the alliance between Egypt and the U.S. carries potentially serious consequeneces for Israel, because the three-way relationship is the only bulwark upholding the Egypt-Israeli Camp David accord.

The decision was taken in cowardice, at fear of the same heated reaction that has now been generated, because of the dual nature of Planned Parenthood as both one of the major women’s health clinics in the nation and a source of abortions.

As a pro-life Democrat, I am torn by this controversy, understanding the fervor of emotions on both sides, and I am particularly swayed by the fact that one in five women rely on Planned Parenthood for their health coverage. Mayor Bloomberg, experiencing a similar split, donated $250,000 to Planned Parenthood after the Komen decision.

I am also acutely aware, however, of the feelings of pro-life activists who view the taking of an innocent life as murder, and that murder transcends most other considerations.

Since the government is not involved in this controversy, perhaps we should acknowledge the freedom of the Komen Group to make its own decisions in the abortion arena, and the similar freedom of pro-choice individuals to boycott the Komen Group in response. It is terrible, however, to watch the polarization caused by the entry of politics into women’s healthcare, and the deterioration of that healthcare as a result.

U.S. technology has always served as the trump card to keep us on top, and the new use of drones for protection of U.S. citizens, especially as monitoring devices for potential threats against State Department convoys, empowers our officials in their diplomatic undertakings.

It’s also important to understand the difference between State Department drones and military ones. The most important, that State Department drones are unarmed, gives their use added legitimacy. In fact, the wingspan for unarmed aerial vehicles (UAVs) is 18 inches compared to 55 feet for the armed Predator and Reaper drones more typically employed over Pakistan.

Of course, the Iraqi government is now making a big deal about these unarmed UAVs, claiming sovereignty over its own skies. However, much of the clamor is for domestic political purposes, and after the withdrawal of U.S. armed troops, it is hard to fathom that the current government would stop the use of these drones, employed partly for their own protection.

We’ll see what happens. However, after recent events in Somalia, our President is getting a reputation as someone not to mess around with.

The growth rate in the fourth quarter rose to an annual equivalent of 2.8 percent. Credit is expanding, and consumer spending also rose slightly. The housing sector is also undergoing a comeback, even though the market remains very depressed.

There are some storm clouds on the horizon, however. The European sovereign debt crisis still isn’t resolved, and the conflict with Iran could be detrimental if that nation tries to close the Straits of Hormuz, a main transit waterway for the world’s oil.

Also, our productivity has risen to an extent where we are creating the same output as before the 2007 crisis, only with six million fewer jobs. And the unemployment rate has emerged as an overall barometer for the economy, affecting everything from consumer spending to political dynamics.

Economic statistics can be misleading, and in this election year, the obfuscation is sometimes intentional. And it’s hard to envisage any kind of reform in an election year either, which may be a good thing with the Tea Party in effective charge of the House.

Congress has conditioned foreign aid on the continuation of democratic progress in Egypt, and the Secretary of State, Hillary Clinton, must certify that progress to release the appropriated funds. After President Obama specifically called Egypt’s military leader, Field Marshall Tantawi, to emphasize that process, the Egyptian government has refused to allow six Americans working at NGOs to leave the country.

The organizations involved, the International Republican Institute and the National Democratic Institute, are pro-democracy groups working in Egypt to affect positive change. They have been repeatedly raided by police in recent months, and this week, one of the directors, Sam LaHood, was arrested at an Egyptian airport before he took a flight to Dubai.

Complicating matters further, Mr. LaHood is the son of Ray LaHood, the transportation secretary in President Obama’s administration.

Now, there is a big kerfuffle, and the United States’ military aid to Egypt, totaling $1.3 billion is at stake. This sum was previously regarded as inviolate as a positive reinforcement for the 1979 treaty with Israel. With Islamic-based parties moving into power, even the treaty itself is at stake.

It is a tangled situation even for professional diplomats and a skilled negotiator such as Ms. Clinton.

After its latest meeting, the Fed promised to keep interest rates low through the end of 2014, an expansion of 18 months compared to its previous commitment. Ben Bernanke, so vilified by Republicans, may be doing more to help the economy than they are.

The ability of monetary policy to help the economy has been much debated of late, but when you’re without a job, every action helps. The Fed predicted that our rate of growth would recover slowly, from 2.7 percent this year, to 3.2 percent the next, and up to 4 percent in 2014.

Significantly, the Fed is making promises that extend beyond the tenure of its current head, Ben Bernanke. And the Fed can always change policy before then should the economic “facts on the ground” change as well.

The Fed’s outlook on unemployment remains grim. They are predicting a rate of at least 6.7 percent by the end of 2014, due to a gradually improving condition. But that may not be enough to save President Obama from what promises to be a brutal reelection campaign.

And, if a Republican gets in, the situation may deteriorate further. Because, in addition to rejecting scientific advice on global warming, Republicans do not believe in Keynesian economics either and are likely to reduce spending at the very worst time.

It’s not working. The Adelson family has now ponied up an additional $5 million to counter the Romney’s advantage in organization and fundraising. And you can only go negative so many times before the voters turn off.

We all know the story of Newt Gingrich’s history, his so-called baggage, etc. The reason he is winning is because he is the best debater on the stage. And that’s the way it should be in a democracy.

Tonight, finally, President Obama will get equal time. His State of the Union address will put to rest all the Republican nonsense about him being a socialist, European, etc. The fact of the matter is that his policies have been relatively middle of the road, many of them having been proposed by Republicans in the past.

Anyway, for a dyed-in-the-wool Democrat, it’s enjoyable to watch the Republicans in a circular firing squad. However, I wouldn’t be complacent about Newt Gingrich. Romney has already made that mistake, and now, it’s too late for him to rectify it.

And that’s because Newt Gingrich is the confident winner. He seems to have captured the anger of the Republican base, and his debating skills have eclipsed Romney and Santorum because he is not afraid to show some unscripted anger. A candidate who, as Gingrich describes it, is “comfortable in his own skin,” will always beat a phony.

Now, Gingrich does have some high negatives in the country at large, but I’m not so sure the Democrats should be happy if he ends up as the nominee. That unpredictable element could always break in his favor and convince independents to vote for him.

Another debate occurs this evening on NBC in Tampa, Florida, and that’s got to be about the last place that Romney wants to be. Debates are good for democracy, but they represent free air time for Gingrich that he otherwise couldn’t afford. And Mr. Gingrich’s style is tending to create standing ovations by the audience, also reinforcing his message and rise in the polls.