All governments are tackling their other most pressing problem: a prospective rise in pension costs that threatens to undoall their good work on budget deficits.
The race row within South Africa's rugby squad ahead of this year's World Cup is threatening to undoall the efforts of making rugby accessible to black players and fans.
She would undo most if not all of the "structural" reforms that have been put in place in recent years--mayoral control, performance-based pay, charter laws and other choice schemes, reliance on entrepreneurship and market incentives, federal efforts to incentivize and prod the system to change in constructive directions, testing- and results-based accountability and more.
Instead, Bernanke should reiterate that the Fed will do all it can to prevent the contagion from spreading and that over the next year it will gradually undo the mistakes of 2004--05.