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3:25 PM ET, July 16, 2011

memeorandum

 Top Items: 
Paul Krugman:
The Political Economy of the Lesser Depression  —  Everyone in the forecasting business is scrambling to mark down both their estimates of second-quarter growth and their forecasts for later in the year.  Goldman Sachs (no link) was pretty optimistic a few months ago; now they've grown quite pessimistic:
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Digby / Hullabaloo:
Bizarroworld economics  —  So I'm reading this James Pethokoukis blog post at Reuters about Goldman Sach's grim new outlook on unemployment.  This is the wrap up: … So what's the recommendation? … He's also for slashing spending, but the real answer to our prayers is tax cuts.  Seriously.
Los Angeles Times:
House Republicans brace for compromise on debt  —  GOP leaders turn to their most trusted budget expert, Rep. Paul D. Ryan (R-Wis.), to explain to the rank and file what could happen if Congress fails to raise the debt ceiling.  —  Reporting from Washington— Republican leaders in the House …
RELATED:
Alexander Bolton / The Hill:
GOP leaders ignore Obama's 36-hour deadline to come up with a debt plan  —  House Republican leaders have missed a 36-hour deadline President Obama set during a Thursday meeting for lawmakers to give him a plan to avert a national default.  —  The deadline came and went Saturday morning without …
Discussion: CNN
Alexander Bolton / The Hill:
Reid and McConnell expect to unveil debt-limit ‘Plan B’ next week
Discussion: The Gateway Pundit
Joe Nocera / New York Times:
The Journal Becomes Fox-ified  —  It's official.  The Wall Street Journal has been Fox-ified.  —  It took Rupert Murdoch only three and a half years to get there, starting with the moment he acquired the paper from the dysfunctional Bancroft family in December 2007, a purchase that was completed …
RELATED:
Mark Blumenthal / The Huffington Post:
Tea Party: Polls Show Importance To GOP Base … WASHINGTON — As negotiations continue over raising the debt limit, Republican leaders are at odds with their own base, amid reports that their electoral coalition is breaking down.  Public polling data illustrating the growing importance …
Discussion: Daily Kos and Swampland
Bloomberg:
Obama Eliminates Warren as Consumer Head  —  President Barack Obama has chosen a candidate other than Elizabeth Warren as director of the new Consumer Financial Protection Bureau, according to a person briefed on the matter.  —  The president's choice is a person who already works at the consumer agency, the person said today.
James Oliphant / Los Angeles Times:
Michele Bachmann leaves church accused of anti-Catholic bias  —  Taking a page from President Obama's political playbook, Michele Bachmann has formally left a church in Minnesota accused of holding anti-Catholic views.  —  According to CNN, the church that Michele Bachmann and her husband Marcus …
Larry Flynt / Washington Post:
Rupert Murdoch went too far  —  One of the few views Rupert Murdoch and I share is the importance of a free press.  —  I'm sure we would both agree that it is an unimpeachable right, especially in a day and age when few pure freedoms still exist in this country.
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The Huffington Post:
Elizabeth Warren: Government Hasn't Sufficiently Probed Foreclosure Abuses (VIDEO) … WASHINGTON — A top Obama administration official on Thursday questioned the scope of the state and federal investigations into alleged mortgage abuses and “illegal” foreclosures perpetrated …
Discussion: Firedoglake
myfoxny.com:
Woman Gropes TSA Agent's Breast at Security Checkpoint  —  PHOENIX - We hear a lot of complaints about security screeners groping airline passengers.  —  But now, a Colorado woman is accused of putting her hands on a TSA agent at Sky Harbor International Airport in Phoenix.
Discussion: Mediaite
Mj Lee / The Politico:
Dalai Lama to visit W.H. on Saturday  —  Part of the Dalai Lama's Washington visit will include a White House visit.  —  AP Photo  —  The White House announced late Friday that President Obama will meet with the Dalai Lama at the White House on Saturday, finally putting an end …
Discussion: CNN, Right Wing News and FrumForum
Tim Cavanaugh / Hit & Run:
Carmageddon Shaping Up as Big Nothing  —  Rush hour traffic was light in Los Angeles Friday, in the final hours before closure of Interstate 405 for a few miles brought on a steel-and-rubber stampede of rich drivers that experts claim will destroy all intelligent life in California.
Discussion: Power Line, L.A. NOW and The Informer
Tom Ricks / Foreign Policy:
Was John F. Kennedy the flat-out absolute worst U.S. president of the 20th century?  —  As I studied the Vietnam war over the last 14 months, I began to think that John F. Kennedy probably was the worst American president of the previous century.  —  In retrospect, he spent his 35 months …
Michael D. Shear / The Caucus:
Obama's Haul: Big Money From Big Donors  —  Twenty-seven fund-raisers collected more than $500,000 each in contributions for President Obama and the Democratic Party in the past three months, helping Mr. Obama collect a record haul of campaign cash as he starts his re-election effort.
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 More Items: 
Mark Steyn / National Review:
The Great Charade  —  There is something surreal and unnerving …
Shaya Tayefe Mohajer / Associated Press:
Court: 'don't ask, don't tell' will stay in place
Discussion: Outside the Beltway and Hot Air
Bill Turque / Washington Post:
More than 200 D.C. teachers fired
Discussion: Joanne Jacobs and ThinkProgress
James Chapman / Daily Mail:
Rebekah Brooks in line for £3.5m pay out as News International slaps gagging orders …
wpr.org:
Joy Cardin  —  The first Wisconsin general election …
Discussion: Crooks and Liars and TPMDC
Alexander Burns / The Politico:
Mitt Romney's cash advantage
Discussion: FrumForum
Bloomberg:
Body Scanners Improperly Added by TSA: Court
Frank Newport / Gallup:
For First Time, Majority in U.S. Supports Public Smoking Ban
 Earlier Items: 
Michael Wines / New York Times:
China Plans to Release Some of Its Pork Stockpile to Hold Down Prices
Discussion: Lawyers, Guns & Money
The Note:
Pawlenty Steps Up Ames Push With $200,000 Ad Buy
Discussion: CNN
ABCNEWS:
Coming Up on ‘This Week’: OMB Director Jacob Lew and Senate Minority Whip Jon Kyl
Katrina Trinko / National Review:
Perry's Briefing  —  Word in Austin is that Rick Perry …
James Pethokoukis:
Will coming debt ceiling deal save America's AAA credit rating?
Discussion: Hot Air and Marginal Revolution