memeorandum: U.S. Shuts Big Bank As Crisis Intensifies (Wall Street Journal)

4:10 AM ET, July 12, 2008

Top Items:

Hagel to Join Obama on Iraq Trip — Susan Davis reports on the presidential race. — The buzz this week that Republican Sen. Chuck Hagel of Nebraska is planning to join Sen. Barack Obama on an up-coming visit to Iraq is correct, two sources with knowledge of the trip confirmed Friday.

Discussion: Hotline On Call, The Carpetbagger Report, Comedy Central, MyDD, Blue Girl, Red State, Newshoggers.com, Taylor Marsh, Macsmind, TIME.com and Donklephant

Jonathan Darman / Newsweek:

Glow Fading? — The latest NEWSWEEK Poll shows Barack Obama leading John McCain by only 3 points. What a difference a few weeks can make. — Jae C. Hong / AP — Poll Drop: Obama is down is the latest poll, but still shows signs of strength — A month after emerging victorious …

Discussion: Open Left, TalkLeft, THE GUN TOTING LIBERAL™, Flopping Aces, Hullabaloo, Wake up America, Power Line, The Jed Report, TPM Election Central, Eunomia, Lawyers, Guns and Money, Zogby, Gateway Pundit, THE ASTUTE BLOGGERS and Patterico's Pontifications

Ed Morrissey / Hot Air:

Newsweek Poll: Obama drops like a rock — Last month, Newsweek's poll surprised many by showing a huge gap between Barack Obama and John McCain, with the Democratic nominee-apparent enjoying a 15-point lead over the Republican. One month later, Obama has lost all of the momentum and has dropped into a virtual tie with McCain.

Discussion: Chicago Tribune, Newsweek, Real Clear Politics, Newsweek Blogs, NO QUARTER, Bucks Right, American Power and The Other McCain

Alexander Mooney / CNN:

Polls: Obama ahead by eight — (CNN) — As the dog days of summer set in and Americans take a break from the daily political band-and-forth, a new CNN analysis of several recent national opinion surveys show Barack Obama with a sizeable lead over John McCain.

Discussion: Reuters

Wall Street Journal:

U.S. Shuts Big Bank As Crisis Intensifies — IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators in one of the largest bank failures in U.S. history. — The Pasadena, Calif., thrift was one of the largest savings and loans …

Discussion: Associated Press, Hot Air, Angry Bear, The American Mind, Hullabaloo, Redstate, Bucks Right and alicublog

Louise Story / New York Times:

Regulators Seize Mortgage Lender — Banking regulators seized IndyMac Bancorp, one of the country's largest mortgage lenders, on Friday evening. — The bank, a star in the subprime era, is the second largest ever to fail and the first major bank to shut its doors since the savings and loan crisis of the 1980s.

Discussion: Group News Blog, Matthew Yglesias, Firedoglake and On Deadline

Bloomberg:

IndyMac Seized by U.S. Regulators Amid Cash Crunch — IndyMac Bancorp Inc. became the second-biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash. — The Federal Deposit Insurance Corp …

Discussion: L.A. Land and LewRockwell.com Blog

Noah Shachtman / Danger Room:

Attack of the Photoshopped Missiles (Updated) — Iran's propagandists aren't only ones who can photoshop a missile launch. We know how to do that on the intertubes, too. Here's an updated sample... Are We Lumberjacks?:

Discussion: Neptunus Lex, TigerHawk and FP Passport

Karl / protein wisdom:

The Iranian threat, real and Photoshopped — Wired's Noah Shachtman rounds up some of the better mockeries of Iran's attempt to Photoshop a failed missile launch into a success. My favorite may be the old school approach of a Boing Boing commenter: — While the Photoshop folly is deserving …

Discussion: Information Dissemination and Scared Monkeys

Little Green Footballs:

More Iranian Fauxtography Discovered — (Hat tip: Fluffster.) — UPDATE at 7/11/08 1:54:59 pm: — Also see: — Attack of the Photoshopped Missiles (Updated).

Discussion: QandO

Tom Bowles / Sports Illustrated:

Presidential candidate Obama to sponsor Cup car at Pocono race … SI.com has learned that for the first time in history, a major presidential candidate may sponsor a race car in NASCAR's premier series. According to sources, Barack Obama's campaign is in talks to become the primary sponsor …

Greg Sargent / TPM Election Central:
New Obama Radio Ad Hits McCain As “Shameful” For “Makin' Stuff Up”

Discussion: Eschaton

Brad DeLong / Grasping Reality with Both Hands:

Every Time I Try to Crawl Out, They Pull Me Back in! — You know something? … No, that is not right: … No, that is still not right: … Maybe this will do it: … Called on forty minutes' notice, I trot over to the J-School studio to be a talking head on BBC/Newsnight about Fannie and Freddie.

Discussion: Discourse.net

Michael M. Grynbaum / New York Times:
Woes at Loan Agencies and Oil-Price Spike Roil Markets

Discussion: Don Surber, DownWithTyranny!, Connecting.the.Dots, Comedy Central and AMERICAblog News

Ben / Think Progress:

Barnes Defends Gramm: Americans Are ‘Whining All The Way Through’ The Bad Economy — Last night on Fox News's Special Report, the “All-Star panel” discussed top McCain adviser Phill Gramm's recent controversial remarks that regarding the economy, the U.S. has become a “nation of whiners” and the U.S. is merely in a “mental recession.”

Discussion: Wonkette, BuzzFlash.org, Burnt Orange Report, HazZzMat and The Caucus

Jonah Goldberg / The Corner:
Phil Gramm — From a reader: … Me: Fair enough.

Discussion: The Jed Report

Wonk Room:
What Kind Of Economist Is Phil Gramm?

Discussion: Think Progress

Jennifer Parker / Political Radar:

Como Se Dice? Obama Clarifies Comments Over Foreign Languages — ABC News' Sunlen Miller reports: Sen. Barack Obama reiterated his belief Friday that America's children to learn a foreign language, firing back against criticism he received from some conservative groups who suggested …

Discussion: The Corner, Weekly Standard Blog, DownWithTyranny!, NewsBusters.org, Hot Air, Hullabaloo, The Campaign Spot and TIME.com

Mohammad Rafiq / Reuters:

U.S. air strike kills 47 civilians: official — JALALABAD, Afghanistan (Reuters) - A U.S. coalition force air strike on Sunday killed 47 civilians, including 39 women and children, in the eastern province of Nangarhar, an Afghan official said on Friday. — The issue of civilian casualties …

Discussion: ABC News, MoJoBlog, The Reaction, Comments from Left Field and Sweetness & Light

James Sturcke / Guardian:
Afghan wedding party hit by US strike

Discussion: Docudharma and Truthdig

Drudge Report:

IRAN MISSILE TEST BLUFF: OLD ROCKETS, BOGUS VIDEO — Many of Iran's claims related to missile tests during “Great Prophet III” war games — appear to be smoke and mirrors! — The missiles tested DID NOT not have 2,000-kilometer range, the NEW YORK TIMES is planning to report on Saturday.

Discussion: Gateway Pundit