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11:05 AM ET, August 6, 2011

memeorandum

 Top Items: 
Paul Krugman:
S&P and the USA  —  OK, so Standard and Poors has gone ahead with the threatened downgrade.  It's a strange situation.  —  On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation.  And yes, it is the madness of the right …
RELATED:
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.
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.
New York Times:
S.&P. Downgrades Debt Rating of U.S. For the First Time  —  WASHINGTON — Standard & Poor's removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear financial implications.
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 …
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:
Wall Street Journal:
S&P Strips U.S. of Top Credit Rating  —  Unprecedented Downgrade Comes After Last-Minute Standoff; Treasury Says Decision Is ‘Flawed by a $2 Trillion Error’  —  A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor's said U.S. Treasury debt …
Discussion: Guardian, Swampland and Corrente
Washington Post:
S&P downgrades U.S. credit rating for first time  —  Standard & Poor's announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world's economic superpower in what was a sharply worded critique of the American political system.
Ezra Klein / Washington Post:
Standard & Poor's has been wrong before.  But they're right now.  —  Standard Poor's decision to downgrade the United States has led to a lot of criticism of Standard Poor's.  The White House called their performance, which included a miscalculation of about $2 trillion, “amateur hour.”
Matthew Yglesias / ThinkProgress:
Boehner's Folly Leads To S&P Downgrade of US Debt  —  I'm no expert, but I don't think S&P downgrading its rating of US debt will, as such, have any really big practical implications other than becoming the next political football.  If you look at S&P's definition of the AA rating, after all …
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue
Robert Reich:
Why S&P Has No Business Downgrading the U.S.
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Discussion: Hullabaloo and Crooks and Liars
Felix Salmon:
Why the S&P downgrade was delayed
The Politico:
U.S. credit rating downgraded
Discussion: CNN
MarketBeat:
U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning
Daniel Indiviglio / The Atlantic Online:
Report: S&P Preparing to Downgrade the U.S.—But Why?
Discussion: Viking Pundit
Steve Goldstein / MarketWatch:   U.S. triple-A debt rating cut by Standard & Poor's
Tyler Cowen / Marginal Revolution:
A few quick thoughts on the likely pending S&P downgrade
Discussion: The Atlantic Online
Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention  —  Texas Gov. Rick Perry's (R) high-profile prayer gathering Saturday is set to pave the way for his possible but increasingly likely late entry into the race for the Republican presidential nomination.
Discussion: The Note
RELATED:
Beltway Buzz:
Rick Perry: “I Pray for the President Everyday”
Discussion: Politics and The Page
Ed Morrissey / Hot Air:
Hypocrisy, irony, and the New Civility  —  Meet Froma Harrop, syndicated columnist and head of the National Conference of Editorial Writers, a group that has a project called Restoring Civility as a featured part of its website.  Her twice-weekly column appears in more than 200 newspapers, and she also blogs at RealClearPolitics.
Reuters:
China tells U.S. “good old days” of borrowing are over  —  (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the “good old days” of borrowing were over.  —  Standard & Poor's cut the U.S. long-term credit rating …
 
 
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 More Items: 
Thomas W. Lippman / Washington Post:
Washington's uneasy alliance with Bahrain
Discussion: Eunomia and The Daily Dish
Joseph Rago / Wall Street Journal:
Obama and the Narcissism of Big Differences
Discussion: Power Line, Hot Air and PoliPundit.com
host.madison.com:
RSS Government And Politics DMV to add hours, offices to address increased demand for photo IDs
Discussion: ThinkProgress and The Raw Story
Michael M. Grynbaum / City Room:
Port Authority Seeks Big Toll Increase
Annie Lowrey / Slate Magazine:
“They Used To Cane Each Other and Have Duels”
Larry O'Connor / Breitbart.tv:
Obama 2009: Economy is My Responsibility vs. Obama 2011: Economy is Shared Responsibility
Jesse Russell / Dane101:
Wisconsin to NOLA: Rep. Pocan kicked out of ALEC event; ThinkProgress reporters accosted
 Earlier Items: 
Wall Street Journal:
Elisabeth Murdoch Won't Join News Corp. Board
Discussion: Deadline.com and Media Decoder
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team
Julie Mason / Reuters:
White House has new talking points
Discussion: Firedoglake
THIRDWAVEDAVE:
TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated
Ta-Nehisi Coates / The Atlantic Online:
A Modest Proposal  —  Reading this...  And thinking back on this, by the same writer...
Discussion: Gothamist
Greg Sargent / Washington Post:
Why Democrats are very nervous about Wisconsin