Obama forthrightly acknowledges the reality of what this financial industry bailout is likely to mean for domestic spending. Though absent some reciprocal accountability and regulatory changes the plan certainly looks more than a little suspect from where I sit, clearly some money is going to flow from Washington to Wall Street. That’s just one more reason that the education spending trajectory is going to change and the No Child Left Behind “full funding” debate is a debate about nothing. Our industry is going to have to think about spending differently not just spending more. Also, keep an eye on the pension situation, what’s happening now is a lot more bloody than people planned for meaning potentially additional obligations there.