The attacks in Mumbai are a stark reminder that some things are worse than a slumping economy, David Hallaway writes in Marketwatch. Barack Obama is also inheriting some huge foreign policy challenges, and the days of the war on terror taking a backseat to the financial crisis look certain to be short-lived, Hathaway warns.
Afghanistan, Iran, Iraq and Pakistan all remain volatile, Hallaway writes. "It's hard to believe that al-Qaeda won't test the new Obama administration almost immediately," he cautions. The announcement of Obama's economic team brought some welcome relief to the markets, Hallaway observes, but the horror in Mumbai means his security choices will likely receive even greater scrutiny.