Stocks Plunge on Fears of Global Turmoil  —  What began as a relatively weak day in the stock markets ended in the worst rout in more than two years, as investors dumped stocks amid anxiety that both Europe and the United States were failing to fix deepening economic problems.

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.

Dow Down 500: Should Obama Resign?  —  The worldwide market plunge since the signing of the U.S. debt agreement tells us one thing above all: Almost no one on the planet has confidence in the leadership of Barack Obama.  —  A CEO with such a disastrous first three years as our president …

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.

The White House: We Don't Create Jobs  —  As President Barack Obama once again pivots to focus on economic growth, Press Secretary Jay Carney declared Thursday that “the White House doesn't create jobs.”  —  While undoubtedly true, it was certainly not a sentiment Obama wants to project …

Disapproval Rate for Congress at Record 82% After Debt Talks  —  The debate over raising the debt ceiling, which brought the nation to the brink of default, has sent disapproval of Congress to its highest level on record and left most Americans saying that creating jobs should now take priority …

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 …

What Caused The Deficit?  A Reply To Megan McArdle  —  One of the most effective Republican themes of the last two years has been blaming President Obama for the explosive growth in the budget deficit since 2009.  The accusation that “Obama's spending binge” has blown up the deficit …

Obama Turns 50 Despite Republican Opposition  —  WASHINGTON—After months of heated negotiations and failed attempts to achieve any kind of consensus, President Obama turned 50 years old Thursday, drawing strong criticism from Republicans in Congress.  “With the host of problems this country …

Presidential Power  —  I apologize in advance for indulging in a wonky process post yet again today ("more boy talk," as Twitter follower Stella calls it), but I want to repeat a point that I haven't made for a while.  It got kicked off by this tweet from Dave Roberts:  —  My answer: No, he just has the easiest job.

Afghanistan War: Hobbyists' Toy Truck Saves 6 Soldiers' Lives  —  Staff Sgt. Christopher Fessenden is on duty in Afghanistan now after tours with the Army in Iraq.  He has traveled with standard-issue equipment — weapons, helmet, uniform, boots and so forth — plus a radio-controlled model truck his brother sent.

Weprin distances himself from Obama  —  The Democratic candidate seeking to fill the congressional seat vacated by randy ex-Rep Anthony Weiner distanced himself from President Obama today — by refusing to say whether he backed the president's re-election.  —  “I'm running myself right now.

Highest indoor radiation level detected at Fukushima Daiichi plant  —  TOKYO (Kyodo) — Radiation dosages of 5 sieverts per hour were detected indoors on the second floor of the No. 1 reactor at the crisis-hit Fukushima Daiichi nuclear power plant on Tuesday, the highest figure yet indoors, plant operator Tokyo Electric Power Co. said.

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 …

Time for Obama to be feared by the Tea Party  —  Progressives and other peeved supporters of President Obama who aren't happy with the all-cuts-no-revenue deal to raise the debt ceiling need to see it as the beginning of a very long (and necessary) process to get the nation's fiscal house in order.

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 …

The Reality We Face  —  Politico has a classic piece today on the grim background for the president's re-election campaign next year.  I think it overdoes things a bit - I guess they had to sell the piece somehow - but its content tells us something important, even if it's something we already know.

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 …

Making More, Contributing Less  —  Millionaires' Tax Rates Have Declined While Everyone Else Contributes to Deficit Reduction  —  The final budget deal struck this week won't ask America's millionaires to contribute a single dime.  That's unfortunate because they certainly can afford it.

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 …

Why defense spending should be cut  —  The scary aspect of the debt deal meant to force all of Washington to its senses is the threatened cut to defense spending.  If the congressional “super-committee” cannot agree on cutbacks of $1.5 trillion, the guillotine will fall and half …

So What Now?  —  The stock market seems to be telling us that all the classical ways of reviving a moribund economy have been exhausted: We have hit near rock-bottom interest rates that cannot go much lower; we have borrowed about as many trillions as our credit is worth without any realistic plan …

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 …

Hatch, Coburn seek $600 billion in savings by cutting federal workforce  —  GOP Sens. Orrin Hatch (Utah) and Tom Coburn (Okla.) on Tuesday introduced legislation that aims to save $600 billion over 10 years by freezing federal salaries and bonuses, cutting employees and contractors by 15 percent …

Texas Gov. Rick Perry wages an assault on state's university establishment  —  In Texas, few institutions are as venerated as its flagship universities.  Their alumni networks are vast and devoted.  The state's political power structure is woven by college ties that are as strong as party ones.