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2:05 PM 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:
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.”
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.
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.
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, Firedoglake and Corrente
Kevinliptak / CNN:
TRENDING: GOP candidates slam Obama after downgrade  —  Washington (CNN) - Republican presidential candidates issued harsh criticism of President Barack Obama Friday after the credit rating agency Standard and Poor's announced it was downgrading America's long-term debt status.
Robert Reich:
Why S&P Has No Business Downgrading the U.S.  —  Standard & Poor's downgrade of America's debt couldn't come at a worse time.  The result is likely to be higher borrowing costs for the government at all levels, and higher interest on your variable-rate mortgage, your auto loan, your credit card loans, and every other penny you borrow.
Jamie Klatell / The Hill:
White House: S&P downgrade is why Obama ‘pushed for grand bargain’
Discussion: CNN
Walter Brandimarte / Reuters:
United States loses AAA credit rating from S&P
Washington Post:
S&P downgrades U.S. credit rating for first time
Matthew Yglesias / ThinkProgress:
Boehner's Folly Leads To S&P Downgrade of US Debt
Political Punch:
Govt Officials: US Expecting S&P Downgrade — Based on ‘Serious Mistake’ in Analysis*
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
New York Times:
31 Americans Killed as Taliban Shoot Down a Copter  —  KABUL, Afghanistan — In the deadliest day for American forces in the nearly decade-long war in Afghanistan, insurgents shot down a Chinook transport helicopter on Saturday, killing 31 Americans and 7 Afghan commandos on board, American and Afghan officials said.
RELATED:
Martha Raddatz / ABCNEWS:
31 Americans Killed Including 25 SEALs in Helicopter Crash in Afghanistan
Discussion: The Long War Journal and Gawker
Associated Press:
Helicopter Crash in Afghanistan Kills Members of SEAL Team 6
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 …
RELATED:
CNN:
Questions abound after agency downgrades U.S. credit rating  —  (CNN) — A day after Standard & Poor's rating agency downgraded the U.S. credit rating to AA+ from its top rank of AAA, there were more questions than answers Saturday about what effects the move will have on the economy and American consumers.
Thomas W. Lippman / Washington Post:
Washington's uneasy alliance with Bahrain
Discussion: Eunomia and The Daily Dish
Joe Nocera / New York Times:
The Tea Party, Take Two  —  In the four months since I began writing an Op-Ed column, the thing that has most surprised me is how darned liberal I sound sometimes.  I know that seems like a strange thing to say, so let me explain.  —  Growing up in heavily Democratic Providence, R.I. …
William A. Jacobson / Le·gal In·sur·rec· tion:
Widener Law School goes Soviet, demands law professor undergo psychiatric evaluation  —  Lawrence Connell is a tenured law professor at Widener Law School in Delaware.  I have noted in prior posts that Connell was accused of a wide range of racist and sexist conduct directed at students …
Discussion: The Volokh Conspiracy
Joseph Rago / Wall Street Journal:
Obama and the Narcissism of Big Differences  —  ‘He becomes visibly agitated. . . . He does not like to be challenged on policy grounds,’ says the House majority leader of the president.  —  New York  —  Whatever the rhetoric that preceded this week's deal, the debt-ceiling debate was never really about the debt at all.
Discussion: Power Line, Hot Air and PoliPundit.com
 
 
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 More Items: 
Thomas Erdbrink / Washington Post:
Iran's rich eat ice cream covered in gold as poor struggle to survive
Discussion: Outside the Beltway and Sadly, No!
Geoff Earle / New York Post:
Probers eye Meeks rap over 40G ‘loan’
The Investigative Project on Terrorism:
CAIR Rep Speaks on Hamas TV
Discussion: Weasel Zippers
Leary / nation.foxnews.com:
Message to John Kerry: Quit Whining
Discussion: Crooks and Liars
Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention
Discussion: The Note
 Earlier Items: 
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
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team