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3:50 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:
RELATED:
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.
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
Discussion: Daily Kos and Swampland
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
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.
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
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.
RELATED:
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 …
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
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 …
 
 
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 More Items: 
Tyler Cowen / Marginal Revolution:
How much did Fannie and Freddie cause the financial crisis?
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
wpr.org:
Joy Cardin  —  The first Wisconsin general election …
Discussion: Crooks and Liars and TPMDC
Mj Lee / The Politico:
Dalai Lama to visit W.H. on Saturday
Discussion: Right Wing News and FrumForum
Alexander Burns / The Politico:
Mitt Romney's cash advantage
Discussion: FrumForum
 Earlier Items: 
Bloomberg:
Body Scanners Improperly Added by TSA: Court
Frank Newport / Gallup:
For First Time, Majority in U.S. Supports Public Smoking Ban
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 …