Steven Rattner

The stagflation of the 1970s blessed us with damaging wage and price controls and the utterly counterintuitive supply-side notion - famously drawn on a napkin - that cutting taxes would lead to higher tax revenues.

Increased revenues, meaning higher taxes, will be a central element of any successful long-term budget plan, and President Obama is right to insist that the wealthy - the slice of America that has come through the recession in by far the best financial health - should provide those funds.

The question is not whether Tibet should be independent but the extent of the autonomy that it is allowed. Tibet has been firmly ensconced as part of the Chinese empire since the Qing dynasty's military intervention in Tibet in the early 18th century.