SHORT TAKES ON THE DRIFTING WRECKAGE – AT 11:27 P.M. ET:

IRENE – We await our fate here in New York, where Hurricane Irene is expected to hit early in the morning.  New York City has made extraordinary preparations, including the evacuation of part of lower Manhattan, where Wall Street is located.  It's possible the sea wall will be breached down there, meaning all that money could be soaked.  Even if soaked, the Wall Streeters will fight over it.  All public transportation is also stopped in New York, for the first time in the city's history.  This will have a devastating economic effect for a few days, but will probably also lower the crime rate.  We aren't expecting horrible winds, but the chance for substantial flooding is great. 

ANOTHER AL QAEDA BIG IS GONE – Al Qaeda's second-in-command was killed last week in Pakistan by a CIA drone.  The death of Atiyah Abd al-Rahman is said to be a severe blow to Al Qaeda, which has lost much of its top leadership to American strikes.  Rahman was a key link between the troops of Al Qaeda and its top leadership.  But Al Qaeda of the Arabian peninsula, and Al Qaeda in Africa, with bases in Somalia, are now emerging as major threats.

LIBYA AFTERMATH – The rebels have taken control of the Libyan capital of Tripoli, but public services are breaking down, something that can lead to chaos and rioting, as it did in Iraq.  There are severe shortages of fuel, water, and electricity. Five gallons of gas costs $100.  (Sound familiar?)  Garbage hasn't been picked up for weeks or months.,  At the same time, rebels are preparing for an assault on Gaddafi's home town of Sirte. For the first time the rebels are expressing fear that Gaddafi loyalists might use chemical weapons and long-range missiles against them.  There is a belief, but no proof is presented, that Gaddafi is holed up in Sirte.

August 27, 2011