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12:00 PM ET, January 22, 2008

memeorandum

 Top Items: 
Board of Governors of the Federal Reserve System:
For immediate release  —  The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.  —  The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.
RELATED:
New York Times:
Fed Makes Emergency 0.75% Rate Cut  —  The Federal Reserve, responding to an international stock sell-off and the likelihood of a sharp drop in America on Tuesday morning, cut its benchmark interest rate by three-quarters of a percentage point.  —  The Federal Open Market Committee lowered …
Washington Post:
Fed Cuts Key Interest Rate as Global Markets Drop for Second Day  —  The Federal Reserve cut a key U.S. interest rate by three-quarters of a percentage point this morning as a global stock sell-off continued on Wall Street today, with the Dow Jones industrial average dropping more than 400 points in its opening minutes.
New York Times:
Fed Cuts Rate 0.75% but Dow Drops
Discussion: NO QUARTER
John Edwards / CNN:
Clinton, Edwards hold private post-debate meeting  —  MYRTLE BEACH, South Carolina (CNN) — What were they talking about?  —  Hillary Clinton and John Edwards met privately backstage following a very contentious Democratic presidential debate in this coastal city, sources with both campaigns confirm to CNN.
RELATED:
David Brooks / New York Times:
The Voters Revolt  —  The Reagan administration had its pragmatists and its so-called ideologues.  It had James Baker as well as Ed Meese.  Reagan carried moderate states like Connecticut, Wisconsin and Washington, as well as conservative ones like Wyoming and South Carolina.
RELATED:
Matthew Yglesias:
Someone Didn't Get The Word  —  Fareed Zakaria: … Ah, those sad, sad, Democrats.  So unaware that the war's over.  The dude who killed at least fourteen and wounded seventeen in Tikrit must, like the Democrats, have been wearing partisan blinders when he failed to acknowledge the surge's success in bringing the war to an end.
RELATED:
CNN:
Part 3 of CNN Democratic presidential debate  —  Editor's note: This is part three of the transcript for the Democratic presidential debate sponsored by CNN and the Congressional Black Caucus Institute on January 21, 2008.  Click here to connect to part one or part two.
RELATED:
The Politico:
The Clinton-Obama exchange  —  CNN is providing transcript …
Ian Traynor / Guardian:
Pre-emptive nuclear strike ‘an option’  —  The west must be ready to resort to a pre-emptive nuclear attack to try to halt the “imminent” spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new Nato by five of the west's most senior military officers and strategists.
Adam Nagourney / New York Times:
Remarks on Reagan Live On  —  In one of their starkest differences in Monday's debate, Senator Hillary Rodham Clinton said that Senator Barack Obama had talked about “admiring Ronald Reagan” and that Mr. Obama “said in the last week that he really liked the ideas of the Republicans over the last 10 …
RELATED:
The Prowler / American Spectator:
Huckabee Broke  —  Less than a month after a huge upset victory, and promises that fundraising would be ramped up, former Arkansas Gov. Mike Huckabee is asking his senior staff to keep working for him without pay, while lower level campaign staff are seeing their salaries cut dramatically or eliminated altogether.
Manu Raju / The Hill:
Attorneys probe deepens  —  The federal investigation into the firing of nine U.S. attorneys could jolt the political landscape ahead of the November elections, according to several people close to the inquiry.  —  Washington's attention has been diverted from the scandal since …
Discussion: Emptywheel and Balkinization
John R. Emshwiller / Wall Street Journal:
Bill Clinton May Get Payout of $20 Million  —  Former President Clinton stands to reap around $20 million — and will sever a politically sensitive partnership tie to Dubai — by ending his high-profile business relationship with the investment firm of billionaire friend Ron Burkle.
Discussion: The Campaign Spot and Jezebel
The Campaign Spot:
Fred Out of Thursday's Debate; Doesn't Plan on Endorsing  —  I spoke to one of my Thompson sources.  —  He's still with his ailing mother.  “He's just being a good son."  —  He has not spoken to any other campaign or any other candidates, nor does he intend to at this time.
Gateway Pundit:
Miss Utah “GI Jill” Stevens Needs Your Help  —  “Obviously she is bright and attractive, but most important, she's a terrific soldier.” … Miss Utah “GI Jill” Stevens needs your vote to help her win Miss America in Atlantic City this Saturday, January 26, 2008.
Discussion: Gates of Vienna and Maggie's Farm
Washington Post:
White House Has No Comprehensive E-Mail Archive  —  For years, the Bush administration has relied on an inadequate archiving system for storing the millions of e-mails sent through White House servers, despite court orders and statutes requiring the preservation of such records, according to documents and technical experts.
 
 
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 More Items: 
Paul Krugman:
Deep? Maybe. Long? Probably.
Discussion: The Plank
The Big Trunk / Power Line:
COMING SOON: POWER LINE BOOK OF THE YEAR
Los Angeles Times:
Abortion's battle of messages
Discussion: NewsBusters.org
New York Times:
Weapons Trove Suspect Is Linked to Hate Crimes
Discussion: michellemalkin.com and unfutz
Confederate Yankee:
Scott Thomas Beauchamp's “Shock Troops” Statements
Larry Kudlow / The Corner:
Take Charge, Central Bankers
Discussion: Biased BBC
Hindrocket / Power Line:
A RELATIVELY SCIENTIFIC EXPERIMENT
 Earlier Items: 
New York Times:
Romney Waxes Lyrical at a Holiday Parade in Florida
Robert Pear / New York Times:
Earmarks Likely to Continue, but With Details
Fox News:
Iran Warns Netherlands Not to Air Controversial ‘Anti-Muslim’ Film
Al Giordano / The Field:
Nevada: What Really Happened at the At-Large Caucuses?
Discussion: The Opinionator and MyDD
New York Times:
The Democratic Debate in South Carolina