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10:45 PM ET, August 4, 2011

memeorandum

 Top Items: 
Graham Bowley / New York Times:
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.
RELATED:
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.
Discussion: FrumForum and Associated Press
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.
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:
Andrew Stiles / National Review:
Pelosi's Secret ‘Anti-Terror’ Strategy  —  No it has nothing to do with al-Qeada, but House Minority Leader Nancy Pelosi (D., Calif.) told a group of liberal bloggers Thursday that she has super-secret plan to combat the GOP's “hostage-taking” mentality and prevent a repeat of the debt limit debate …
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.
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.
RELATED:
Roger L Simon / Pajamas Media:
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 …
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
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:
Daniel W. Drezner:
Can the next possible Secretary of State manage his way out of a paper bag? Does it matter?
Jonathan Martin / The Politico:
Inside the Huntsman ‘drama’
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 and iOwnTheWorld.com
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 …
Ashley Halsey III / Washington Post:
Congress reaches deal on FAA shutdown  —  Congressional leaders reached agreement Thursday on stopgap funding for the Federal Aviation Administration, ending a stalemate that cost 4,000 furloughed federal workers almost two weeks of pay and drained more than $300 million from the Treasury.
RELATED:
Edward Wyatt / New York Times:
F.A.A. Impasse That Hit 4,000 Ends, for Now
Discussion: Daily Kos
Reuters:   Congress reaches deal to end FAA shutdown
New York Times:
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 …
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 …
Jonathan Chait / The New Republic:
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 …
Discussion: Balloon Juice, TBogg and The Daily Dish
Zeke Miller / Politics:
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 …
RELATED:
Allahpundit / Hot Air:
Jay Carney: “The White House doesn't create jobs”
Discussion: Weasel Zippers and Moe Lane
The Onion:
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 …
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Jonathan Capehart / Washington Post:
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.
Discussion: Don Surber and neo-neocon
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 …
Andrew Sullivan / The Daily Dish:
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.
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Victor Davis Hanson / National Review:
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 …
Discussion: alicublog
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 …
Kevin Drum / Mother Jones:
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.
Fareed Zakaria / Washington Post:
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 …
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 …
 
 
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 More Items: 
Pete Kasperowicz / The Hill:
Hatch, Coburn seek $600 billion in savings by cutting federal workforce
GOP.com:
Reach Out And Touch Medicare
Discussion: Firedoglake and Daily Kos
Seth Hanlon / Center for American Progress:
Making More, Contributing Less
Discussion: ThinkProgress and Daily Kos
Carl Campanile / New York Post:
Weprin distances himself from Obama
Political Punch:
First Lady Says Obama's Gray Hair ‘Proof’ He Deserves Second Term
Discussion: Weasel Zippers and Pirate's Cove
Joshua Foust / Registan.net:
The Schmidle Muddle of the Osama Bin Laden Take Down
Discussion: Salon, Mediaite, TomDispatch and NO QUARTER
 Earlier Items: 
Liz Rappaport / Wall Street Journal:
BNY Mellon to Slap Fees on Some Big Deposits Amid Global Race to Cash
First Read / msnbc.com:
The ground game for the upcoming Ames Straw Poll
New York Post:
O'Care truth sinks in
Frances Martel / Mediaite:
Gov. Christie Defends Appointing Muslim Judge: ‘This Sharia Law Business Is Crap’
Ben Smith / Ben Smith's Blog:
Romney signs marriage pledge