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6:20 PM ET, August 4, 2011

memeorandum

 Top Items: 
Paul Krugman:
Rates of Wrath  —  Not good news in stock markets — but you really have to look at the bond markets to get the full awfulness of the situation.  —  The US 10-year bond rate is now down to 2.5%.  So much for those bond vigilantes.  What this rate is saying is that markets are pricing …
RELATED:
Graham Bowley / New York Times:
Stocks Down Over 4% in Global Sell-Off  —  Stocks around the world fell sharply Thursday on intensifying investor fears about a slowdown in global economic growth and worries about Europe's ongoing debt crisis, which is centered now on Italy and Spain.  —  Stock market indexes in the United States …
Wall Street Journal:
U.S. Stocks Slide 3%  —  NEW YORK—The Dow Jones Industrial Average plunged more than 300 points as worried investors staged a broad flight from risky assets.  —  “The market is pricing in the chance of a recession,” said John Brady, vice president at MF Global.
Paul Krugman:
Wrong And Right  —  Bruce Bartlett and others send me to this eloquent David Frum piece, which concludes: … The knee-jerk response of commenters is “But the Obama stimulus failed, deficits, yada yada.  Also, Krugman has a beard.”  Or something like that.
Discussion: Prairie Weather
RELATED:
David Frum / FrumForum:
If Conservatives Were Right About the Economy  —  Further to yesterday's post about the respective economic acumen of the Wall Street Journal editorial page vs. Prof. Paul Krugman:  —  My conservative friends argue that the policies of Barack Obama are responsible for the horrifying length and depth of the economic crisis.
Keith Laing / The Hill:
Reid announces deal to end FAA furloughs  —  The Senate will pass the House's bill to fund the Federal Aviation Administration through September to end the week-and-a-half-long partial shutdown of the agency, Senate Majority Leader Harry Reid (D-Nev.) announced Thursday.
RELATED:
Reuters:   Congress reaches deal to end FAA shutdown
Associated Press:
Senate Majority Leader Harry Reid announces deal to end FAA shutdown
Discussion: National Review and Verum Serum
Quinnipiac University:
DEBT DEAL DOESN'T RESCUE OBAMA FROM FLORIDA CRASH, QUINNIPIAC UNIVERSITY POLL FINDS; ROMNEY CLOSES GAP IN 2012 PRESIDENTIAL RACE  —  The national debt ceiling deal does not rescue President Barack Obama's crashing job approval rating in Florida as he gets a negative 44 …
RELATED:
Karen Tumulty / Washington Post:
Texas Gov. Rick Perry wages an assault on state's university establishment
Emily Ramshaw / The Texas Tribune:
Perry's Surgery Included Experimental Stem Cell Therapy
Jonathan Martin / The Politico:
Inside the Huntsman ‘drama’  —  A blistering internal feud in the Jon Huntsman presidential campaign is erupting into public view, with dueling camps trading charges and an exodus of campaign officials.  —  And now, a longtime family friend tells POLITICO that Huntsman's wife and father fret …
RELATED:
Jonathan Martin / The Politico:
Inside the Huntsman ‘drama’
Judd Legum / ThinkProgress:
Pelosi: Republicans Aren't Interested In Deficit Reduction, They Are Interested In Destroying Government  —  In an interview with ThinkProgress and other online reporters this morning, House Democratic Leader Nancy Pelosi (D-CA) flatly asserted that Republicans were not interested in deficit reduction.
RELATED:
Matthew Yglesias / ThinkProgress:
Pelosi Vows Dems Won't Get Rolled Again
Discussion: Grasping Reality …
Ben Smith / Ben Smith's Blog:
Romney signs marriage pledge  —  Former Gov. Mitt Romney has joined Rep. Michele Bachmann and former Sen. Rick Santorum in signing a pledge to oppose same-sex marriage on a number of specific fronts.  —  The three candidates signed the pledge advanced by the National Organization for Marriage …
RELATED:
Steve Chapman / Reason:
Phony Federalism  —  The Republican Party is a fickle friend to the 10th Amendment.
Discussion: Hit & Run
Hotline On Call:
Democratic Insiders View Romney as Obama's Main Threat  —  With the economy sputtering, Democratic political operatives view former Massachusetts Gov. Mitt Romney as the main Republican threat to President Obama's reelection, according to this week's National Journal Political Insiders Poll.
RELATED:
Beltway Buzz:
Perry Takes Jab at Romney
Discussion: The Note and msnbc.com
Hotline On Call:
GOP Insiders: Romney Leads, But Perry Closes In
Discussion: The Atlantic Online and Hot Air
Stephanie Clifford / New York Times:
Even Marked Up, Luxury Goods Fly Off Shelves  —  Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price.  Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair.  Mercedes-Benz said it sold more cars last month …
WorldNetDaily:
Happy birthday?  —  How much don't we know about Barack Obama as he nears the end of his third year of White House occupation?  —  Well, he claims today is his 50th birthday.  —  Yet, incredibly, it is still only an unsubstantiated claim - and, perhaps, more suspect than ever.
Discussion: Salon, The Wire and Right Wing Watch
RELATED:
The Onion:   Obama Turns 50 Despite Republican Opposition
Chris Halsne / KIRO-TV:
Cartoonist Targeted With Criminal Probe For Mocking Police  —  RENTON, Wash. — The Renton City Prosecutor wants to send a cartoonist to jail for mocking the police department in a series of animated Internet videos.  —  The “South-Park"-style animations parody everything from officers having sex …
Discussion: Hit & Run
The Politico:
Obama's big drags  —  The politics of the debt fight were a drag for President Barack Obama, yanking his popularity to new lows.  Here's an even bigger drag: Obama emerges from the months-long fracas weaker - and facing much deeper and more durable political obstacles - than his own advisers ever imagined.
Associated Press:
Fox's Beckel, Gutfeld say they were joking about pulling punches on Palin  —  NEW YORK — Two Fox News Channel analysts said Thursday they were joking when they spoke on the air about going easy on fellow Fox employee Sarah Palin.  —  The comments by Greg Gutfeld and Bob Beckel were taken seriously …
JeeYeon Park / CNBC:
Stocks Slump Over 2%, but Off Session Lows  —  Stocks eased off their session lows but were still sharply lower across the board in another volatile session Thursday as fears over a global economic slowdown intensified and ahead of the widely-followed monthly unemployment report.  —  MAJOR U.S. INDEXES
RELATED:
Peter Schroeder / The Hill:
Dow plunges after debt deal, raising anxiety over economy
Megan Boehnke / Knoxville News-Sentinel:
Satirical mints poking fun at Obama pulled from UT bookstore  —  Web Search powered by YAHOO! SEARCH  —  PHOTO BY SAUL YOUNG, COPYRIGHT © 2011 // BUY THIS PHOTO  —  Boxes of breath mints, like this one pictured at Vice Chancellor for Communication Margie Nichols' office on Wednesday …
Reuters:
U.S. incomes fell sharply in 2009  —  (Reuters) - U.S. incomes plummeted again in 2009, with total income down 15.2 percent in real terms since 2007, new tax data showed on Wednesday.  —  The data showed an alarming drop in the number of taxpayers reporting any earnings from a job …
Ezra Klein / Washington Post:
The reason the markets are diving  —  (Scott Olson - GETTY IMAGES) Washington likes to talk about the economy in terms of things it can control.  Spending and deficits.  Stimulus.  Policy uncertainty.  —  But the Dow Jones isn't diving because spending has risen, deficits have grown or stimulus policy has changed.
 
 
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 More Items: 
Jonathan Chait / The New Republic:
What Caused The Deficit? A Reply To Megan McArdle
Discussion: TBogg, Balloon Juice and The Daily Dish
Fareed Zakaria / Washington Post:
Why defense spending should be cut
Discussion: National Review and OpenMarket.org
Liz Rappaport / Wall Street Journal:
BNY Mellon to Slap Fees on Some Big Deposits Amid Global Race to Cash
Associated Press:
Sen. John Kerry plans re-election run for 2014, calls secretary of state ambitions ‘rumors’
Discussion: The Hill and Taegan Goddard's …
 Earlier Items: 
Kevin Drum / Mother Jones:
Presidential Power  —  I apologize in advance for indulging …
New York Post:
O'Care truth sinks in
Frances Martel / Mediaite:
Gov. Christie Defends Appointing Muslim Judge: ‘This Sharia Law Business Is Crap’
Jason Hanna / CNN:
Do presidents age faster in office?
Discussion: Ben Smith's Blog
Jackie Calmes / New York Times:
Pressured by White House, Treasury Secretary Is Expected to Stay at Post