It’s time for the news with Kandy Korrespondent!

For those of you who may have thought this year’s presidential race couldn’t get any crazier: Meet Mr. Bob Barr! Former Republican congressman, Bob Barr said on Monday that he would run for President as part of the libertarian ticket. He was part of the Republican Revolution in 1995 and gained notoriety for his role in the impeachment of former President Bill Clinton. He left the Republican party in 2004 and became a Libertarian in 2005 as a result of his growing disillusionment with the civil liberties-eroding Patriot Act. His entrance into the race as a third party candidate may siphon off extreme right-wingers from the McCain platform.

Also on Monday, President Bush told the BBC that the US has plans to strengthen Lebanon’s army to enable it to disarm Hezbollah. At least 60 have died in clashes around Beirut this past week.

In this writer’s opinion, it seems clear that Bush and his advisers see aiding the side of the Lebanese army in their fight against Iranian-backed Hezbollah in geopolitical terms. It’s a way to assert continued US “control” within the Middle East, and yet another opportunity to shove some dirt into the eye of Iranian president Mahmoud Ahmadinejad. What is not clear, however, is whether the administration fully understands the ramifications of such a move.

Lebanon is teetering on the brink of civil war. Turning the country into a tiny microcosm of Iran-US tension is sure to only harm the situation. Furthermore, with the US military and resources already embroiled in Afghanistan and Iraq, becoming mired in yet another endless conflict is not what anyone needs.

In other news:

The death toll from Monday’s 7.8 magnitude quake in China has reached at least 10,000. Meanwhile in Myanmar, at least 32,000 are dead with thousands more missing and injured. Check out the BBC for how you can help.

Chances are either you or someone you know are in the midst of selling your house thanks to the country’s current economic woes. Meet Shawn Forgaard, a 37-year-old software company project manager who made the fatal mistake of investing his earnings in real estate. Between 2004 and 2006 he invested in 10 homes, including his primary residence in Santa Cruz, CA.

His story is synonymous with thousands of other real estate speculators who counted on rising real estate values (allowing them to refinance at a better rate) to pay off their mortgages. When the bottom fell out of the market, Forgaard initially thought he had enough equity to ride the storm. Five months ago, however, it became apparent that he didn’t. He and his wife are preparing to sell their homes, declare bankruptcy and move to a cheaper place in Northern California.

With the economy in a seemingly endless death spiral, stories like the Forgaards are becoming all too common. In California, 47,171 homes were foreclosed during the first three months of 2008—a fourfold increase from the same time last year. Home prices have dropped by 18 percent, according to Yale economist Robert Shiller’s calculations, and he expects them to drop a total of 30 percent before the market levels out.

Check out my previous posts, A Girl’s Guide to Recessions I and II, for more info about the current economic crisis.

That’s the News! See you tomorrow.