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10:30 PM ET, August 5, 2011

memeorandum

 Top Items: 
Political Punch:
Govt Officials: US Expecting S&P Downgrade — Based on ‘Serious Mistake’ in Analysis*  —  Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor's to downgrade the rating of U.S. debt from its current AAA value.
RELATED:
Walter Brandimarte / Reuters:
United States loses AAA credit rating from S&P  —  (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.  —  S&P cut the long-term U.S. credit rating by one notch to AA-plus …
Damian Paletta / Wall Street Journal:
Math Error Fuels Fight Over Rating  —  A mathematical error discovered late Friday by Treasury Department officials threw into limbo, at least temporarily, plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating the U.S. has held for 70 years, people familiar with the matter said.
MarketBeat:
U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning  —  A mathematical error discovered late Friday by Treasury Department officials has thrown into limbo — at least temporarily — plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating …
MarketBeat:
S&P Downgrades U.S. Debt Rating — Press Release  —  Standard & Poor's took the unprecedented step of downgrading the U.S. government's “AAA” sovereign credit rating Friday in a move that could send shock waves through global.  The following is a press release from Standard & Poor's:
Discussion: Erick's blog and The Raw Story
Politics:
S&P DOWNGRADES US AAA Rating  —  UPDATE: Standard & Poor's downgrade U.S. debt to ‘AA+’ from ‘AAA’ Friday night.  —  A source familiar with discussions between the Treasury Department and S&P claims the ratings agency's analysis was off by about $2 trillion error Friday.
Tyler Durden / zerohedge.com/fullrss2.xml:
S&P Downgrades US To AA+, Outlook Negative - Full Text  —  United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative  —  We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
Kate Kelly / CNBC:
US Braces for Possible S&P Downgrade: Source  —  U.S. government officials are bracing for the rating agency Standard & Poor's to downgrade the country's credit as early as this evening or take other possible action, according to someone familiar with the matter.
The Politico:
U.S. credit rating downgraded  —  Standard and Poor's on Friday downgraded the nation's top-notch triple-A credit rating, the first downgrade in U.S. history and a dramatic vote of no-confidence in the world's largest economy and its political leadership.  —  “We have lowered …
Washington Post:
S&P downgrades U.S. credit rating for first time
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Discussion: Balloon Juice and ThinkProgress
Paul Krugman:
S&P and the USA  —  OK, so Standard and Poors has gone ahead …
Discussion: Hullabaloo
New York Times:
S.&P. Downgrades U.S. Long-Term Debt
Discussion: Online NewsHour and DealBook
blogs.abcnews.com:
Govt official: US expecting S&P downgrade
Discussion: Outside the Beltway and MarketBeat
CNNMoney.com:
S&P downgrades U.S. credit rating
Discussion: The Hill
Daniel Indiviglio / The Atlantic Online:   Report: S&P Preparing to Downgrade the U.S.—But Why?
Jason Cherkis / The Huffington Post:
Rick Perry's College Transcript: A Lot Of Cs and Ds … WASHINGTON — As governor of Texas, Rick Perry has pursued a controversial agenda that would gut Texas' vaunted public university system in favor of something that more closely resembles a business.  —  As the Washington Post reported on Thursday …
RELATED:
The Note:
Rick Perry's Religious Event Mired in Controversy
Discussion: CNN, ThinkProgress and The Daily Caller
William Saunders / The Politico:
Rick Perry is half-right on abortion
Discussion: LifeNews.com
Leary / nation.foxnews.com:
Obama's Hip-Hop BBQ Didn't Create Jobs  —  POLITICO EXCLUSIVE — The President's private 50th birthday bash, not listed on his public schedule: His gift to the press corps was a travel/photo lid shortly after 4 p.m., prompting what pooler Julie Mason called “general cheering in WH workspace.”
RELATED:
Media Matters / Media Matters for America:
Fox Nation: Obama's Hip-Hop BBQ Didn't Create Jobs
Discussion: Crooks and Liars
Tanya Somanader / ThinkProgress:
Fox Nation Reports On Obama's Birthday: 'Obama's Hip-Hop BBQ Didn't Create Jobs'
Local News:
Click on the video link to see raw video of police and sheriff's deputies investigating the scene.  —  Did you witness the attacks outside State Fair, or were you attacked?  Were you hurt?  E-mail us your story!  —  WEST ALLIS - Witnesses tell Newsradio 620 WTMJ and TODAY'S TMJ4 of a mob …
RELATED:
JSOnline:   State Patrol called in, youth policy imposed after violence at State Fair
Greg Sargent / Washington Post:
The Incredible Shrinking Tea Party  —  If there's one thing the debt ceiling battle revealed, it's that the Tea Party continues to enjoy outsized influence in Washington in general and over the GOP in particular.  —  So it's interesting to note that according to the internals of today's New York Times poll …
RELATED:
Ta-Nehisi Coates / The Atlantic Online:
A Modest Proposal  —  Reading this...  And thinking back on this, by the same writer...  It occurs to me that we really need a world with more murders, more failing schools, more grocery stores with rotting vegetables, more bodegas with old milk, more teen-pregnancy, more homeless, more crack …
RELATED:
Sam Roberts / New York Times:
Striking Change in Bedford-Stuyvesant as the White Population Soars
Discussion: Gothamist
Greg Sargent / Washington Post:
Why Democrats are very nervous about Wisconsin  —  Publicly, Democrats are projecting great confidence about the likelihood of taking back the Wisconsin state senate in the upcoming recall elections.  They claim their private polling shows them ahead or tied in all six races targeting GOPers for recall …
Ed Morrissey / Hot Air:
Video: They're still not listening to Rick Santelli  —  Want to see a microcosm of everything that's been wrong with American economic policy over the last couple of years?  Watch this exchange between Ezra Klein and Rick Santelli from earlier today on MSNBC's Morning Joe.
RealClearPolitics Video Log:
John Kerry: Media Has “Responsibility” To “Not Give Equal Time” To Tea Party  —  Sen. John Kerry (D-MA) told MSNBC's “Morning Joe” on Friday that the media has the responsibility to not give equal time or credence to the Tea Party's views: SEN. JOHN KERRY: “And I have to tell you, I say this to you politely.
Paul Krugman / New York Times:
The Wrong Worries  —  In case you had any doubts, Thursday's more than 500-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows confirmed it: The economy isn't recovering, and Washington has been worrying about the wrong things.
Mitchel Maddux / New York Post:
‘Rent is Too Damn High’ candidate facing eviction from rent-controlled apartment  —  The man who ran for governor because the “Rent is Too Damn High” claims he's being kicked out of his Manhattan apartment — because the rent is too damn low!  —  Jimmy McMillan says he pays $872.96 …
Julie Mason / Reuters:
White House has new talking points  —  Austan Goolsbee: Jobs!  Bickering!  Brrrains!!!!!  —  If only Congress would pass patent reform!  The White House has found the guilty parties behind that dismal June jobs report — and they include failure to act on trade deals and that old Washington bugaboo: bickering.
Rasmussen Reports:
54% Think Obama's Reelection At Least Somewhat Likely  —  Most voters think President Obama has a good shot at being reelected next year, even if he continues to pursue tax increases as part of any future deficit reduction plan.  —  Fifty-four percent (54%) of Likely U.S. Voters feel …
Discussion: Daily Pundit
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team  —  Twenty years ago last month, I met a remarkable young man named Barack Obama.  Since then, I've been honored to join him along his journey, from the Illinois State Senate all the way to the Oval Office.
Dana Milbank / Washington Post:
The FAA shutdown and the new rules of Washington  —  Congressman John Mica, the Florida Republican blamed for single-handedly shutting down the Federal Aviation Administration, sounded like a beaten man when he called me Thursday evening.  —  The usually biting chairman …
 
 
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 More Items: 
THIRDWAVEDAVE:
TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated
Tyler Durden / ZeroHedge:
Average Length Of Unemployment Surges To New All Time Record 40.4 Weeks
Discussion: Don Surber and Doug Ross
Financial Times:
Italy agrees to liberalise economy
Discussion: ThinkProgress and New Atlanticist
A.Killough / CNN:
Perry to meet with GOP leaders in South Carolina
Discussion: The Page
Hugh Son / Bloomberg:
Bank of America Says Mortgage Buyback Claims May Exceed Prior Estimate
Jennifer Epstein / The Politico:
Obama ‘smarter’ than critics, says Alan Simpson
Discussion: The Spot and Weasel Zippers
Kathie Obradovich / Iowa Caucuses:
Santorum: Courts have created ‘super-right’ of sexual liberty
Discussion: ThinkProgress and TPMDC
 Earlier Items: 
M.S. / Democracy in America:
Adventures in tea-party cognitive dissonance
Charles Krauthammer / National Review:
The Solution  —  A three-stage compromise to reduce the debt on a scale never before seen
Discussion: FrumForum
Joy Pullman / Washington Examiner:
Teachers union disavows internal memo endorsing deception of parents
Discussion: Pajamas Media and iOwnTheWorld.com