At a press conference yesterday, the Bank of Israel released its policy to mitigate the effects of the global financial crisis on Israel. Bank officials stated that its impossible to reverse the effects of the recession, but only prevent it from worsening. Officials estimated that unemployment would top 8-percent and GDP will drop 1.5-percent. In order to hasten recovery and slow the economic tumble, the officials recommended additional stimulus packages and more entitlements.
President Obama’s choice for chairman of the National Intelligence Council, Chas Freeman withdrew his nomination after repeated pressure from pro-Israel advocates who criticized his credentials. In particular, opposition to the appointment stemmed from his ties to Saudi Arabia, where he served as an ambassador, and what they view as a pro-Arab, anti-Israel slant to his statements. Freeman decried the criticisms as a “barrage of libellous distortions” from pro-Israel groups with “the depths of dishonor and indecency.”