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Treasury Secretary John W. Snow rattled the currency markets two weeks ago with a comment that the decline in the dollar "really is a fairly modest realignment of currencies," and thereafter its decline accelerated.
Beginning with a statement of the obvious that a weaker dollar is good for American exports Mr Snow went on to downplay the dollar's recent fall as a "fairly modest realignment of currencies".
Republican leaders compound their problems, he adds, with "fool's errands": defending the Confederate flag, visiting Bob Jones University, holding up the appointments of black judges and ambassadors.However, at the local level, Republican hopes for some sort of modest realignment look more realistic.
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They staked their reputations on bridging the chasm between the world's richest country and its most populous one at a time when far more modest strategic realignments seemed likely to upset the cold war balance of power.
In reality, the realignment he's describing is primarily being driven by America's rising minority population, rather than by the (much more modest, and possibly tailing off) growth of liberal white college graduates.
The realignment has paid dividends.
"I think it's probably a realignment".
"Well, I'm thinking about conference realignment".
So fell another domino in conference realignment.
Tiller blamed the rush of conference realignment.
Robert: Modest.
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