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6:25 PM ET, August 8, 2011

memeorandum

 Top Items: 
Paul Krugman:
Aaauuuggghhh!  Market Commentary Edition  —  Carnage in stock markets as I write — and all of the headlines I see attribute it to S&P's downgrade.  —  They really are trying to make my head explode, aren't they?  —  Once again: S&P declared that US debt is no longer a safe investment …
RELATED:
JeeYeon Park / CNBC:
Stocks Off Lows, Dow Above 11,000; Vix Soars  —  Stocks pared some losses in heavy, choppy trading Monday but were still sharply lower as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing uncertainty over the euro zone crisis.
Josh Marshall / Talking Points Memo:
Disconnect  —  This piece on CNN Money says that “market observers tried to say the downgrade by itself shouldn't matter — that it was expected and that the United States still has a strong credit rating ... But the market wasn't buying it.”  And then it goes on to note that investors are rushing to buy up US Treasuries.
Discussion: CNNMoney.com
New York Times:
Dow Plunges More Than 600 in Sell-Off
The Politico:
Rick Perry to make 2012 intentions clear Saturday  —  Rick Perry intends to use a speech in South Carolina Saturday to make clear that he's running for president, POLITICO has learned.  —  According to two sources familiar with the plan, the Texas governor will remove any doubt …
RELATED:
Michael O'Brien / The Hill:
Perry to visit NH and SC while presidential candidates gather in Iowa
Discussion: CNN, The Note, Pajamas Media and The Page
Rasmussen Reports:
Iowa Caucus: Bachmann, Romney and Paul on Top
Ryan Lizza / New Yorker:
LEAP OF FAITH … - POLITICS - PROFILES - THE TALK OF THE TOWN - COMMENT - THIS WEEK'S ISSUE - THE FINANCIAL PAGE - NEWS DESK - THE POLITICAL SCENE
RELATED:
First Read / msnbc.com:
Bachmann attends church service denouncing homosexuality  —  WAUKEE, IA — Republican presidential candidate Michele Bachmann yesterday attended a church here in Iowa, where the pastor called homosexuality “immoral” and “unnatural,” and later showed a testimonial video from a man who claimed …
Economics of Contempt:
On S&P, Downgrades, and Idiots  —  This is not going to be one of those posts that laments S&P's decision to downgrade the US, but then says that S&P was probably right about our oh-so-dysfunctional political system.  —  No, S&P was flat-out wrong — no caveats.
RELATED:
Alicia M. Cohn / The Hill:
DNC chairwoman blames Tea Party ‘tyrants’ for US credit-rating downgrade
The Daily Beast:
Hillary Told You So  —  As Democratic disgust with Obama's debt fumbling spreads, Clinton supporters recall her ‘3 a.m. phone call’ warnings—and angry, frustrated liberals are muttering that she should mount a 2012 challenge.  —  At a New York political event last week …
RELATED:
Steve Benen / Washington Monthly:
The Westen piece  —  It's not exactly a secret that there is …
Michelle Malkin:
The Conservative Crazy Eyes Cliche & Other Stupid MSM Photo Tricks  —  Sigh.  Seriously, Tina Brown?  —  Yes, I'm talking about you, Oxford University-educated Newsweek/Daily Beast editor Tina Brown.  —  You've resorted to recycling bottom-of-the-barrel moonbat photo cliches …
RELATED:
Tommy Christopher / Mediaite:
Does The Michele Bachmann Newsweek Cover Make Her ‘Look Crazy’?
Discussion: Gawker
Molly K. Hooper / The Hill:
House leaders end page program  —  House Speaker John Boehner (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.) announced they were ending the House page program.  —  As of Aug. 31, the program — which employs nearly 70 high school students to serve as messengers and couriers …
RELATED:
Jennifer Steinhauer / The Caucus:
House Leaders to End Page Program
Discussion: Politics and AmSpecBlog
Ross Douthat / New York Times:
Waiting For A Landslide  —  In 1955, a political scientist named V. O. Key published an essay entitled “A Theory of Critical Elections.”  He argued that realignments in American politics are usually punctuated by transformative elections, in which the old order suddenly gives way and a new majority emerges in its place.
Shira Ovide / Deal Journal:
Berkshire, Other Insurers Get ‘Negative’ Tag from S&P … Cue the music from “Jaws.”  —  After Standard & Poor's bit an appendage from the U.S.'s credit rating, the credit-rating firm is smelling blood in the water at Warren Buffett's Berkshire Hathaway.  —  S&P today is marking down ratings …
RELATED:
Jeffrey M. Jones / Gallup:
Obama Job Approval 50% or Higher in 16 States and D.C.  —  Idaho residents least approving, at 27%  —  PRINCETON, NJ — Residents of 16 states and the District of Columbia gave President Obama approval ratings of 50% or higher during the first half of 2011, led by the District of Columbia, Connecticut, Maryland, and Delaware.
Jennifer Rubin / Washington Post:
Obama's horrifyingly bad speech  —  He was a half hour late.  His head turned from side to side as if he were attending a tennis match.  He practically never looked in the camera, as if he were averting our gaze.  And those were the strong parts of President Obama's disastrous speech.
Discussion: Hot Air
New York Times:
A.I.G. Sues Bank of America Over Mortgage Bonds  —  The American International Group sued Bank of America on Monday over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.
RELATED:
Reuters:
AIG sues BofA for $10 billion alleging “massive fraud”
Discussion: The Atlantic Online and Guardian
Paul Krugman:
It's a Growth Scare  —  FTalphaville has been saying this all day, and it's right.  The action in the markets looks nothing like worries about US solvency; it looks exactly like what you expect to see when markets suddenly realize that the economy's growth prospects look terrible.
Discussion: Grasping Reality …
Mark Duell / Daily Mail:
Who ‘made $10bn on 10/1 bet that U.S. credit rating would be downgraded’?  —  A mystery investor or hedge fund reportedly made a bet of almost $1billion at odds of 10/1 last month that the U.S. would lose its AAA credit rating.  —  Now questions are being asked of whether the trader …
Matthew Yglesias / ThinkProgress:
Poor People Own Appliances Because They're Cheap  —  My colleagues Melissa Boteach and Donna Cooper have a great piece on the Heritage Foundation's “poor people aren't actually poor because they own cheap electronics” theory of poverty.  This infographic nicely highlights the silliness …
Discussion: Eschaton
A.Killough / CNN:
White House announces waivers for No Child Left Behind law  —  WASHINGTON (CNN) - About half the schools in Tennessee didn't meet the annual yearly progress requirements of the No Child Left Behind law last year.  Tennessee is not alone.  —  Saying schools are struggling to meet …
Discussion: ABCNEWS
David Axe / Danger Room:
Did a New Taliban Weapon Kill a Chopper Full of Navy SEALs?  —  Updated 8:36 a.m. EDT.  —  The passengers and crew of the twin-rotor CH-47 Chinook helicopter probably never saw the rocket hurtling towards them.  The explosion and fiery crash in Wardak province in eastern Afghanistan early …
William Glaberson / New York Times:
Dog Helps Young Rape Victim Testify  —  POUGHKEEPSIE, N.Y. — Rosie, the first judicially approved courtroom dog in New York, was in the witness box here nuzzling a 15-year-old girl who was testifying that her father had raped and impregnated her.  Rosie sat by the teenager's feet.
Discussion: Shakesville and New York Magazine
 
 
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 More Items: 
Ryan Vlastelica / Reuters:
Wall Street plummets as fear jumps on historic downgrade
J. Bradford DeLong / Grasping Reality with Both Hands:
How Should Obama Answer the Stock Market's Wake-Up Call? We-Need-Different-Cossacks Department
Discussion: TalkLeft
Adam Gabbatt / Guardian:
London riots: the third night - live coverage
The Note:
Donald Trump May Run for President After All
Discussion: Indecision Forever
Justin Elliott / Salon:
The abortion that Mitt doesn't talk about anymore
Discussion: TBogg
 Earlier Items: 
Kevin Drum / Mother Jones:
The Price of Rural Life
Discussion: Washington Post and ThinkProgress
CNN:
Racially motivated attack on video
Emily Schultheis / Ben Smith's Blog:
Bachmann disavows labor bill, cites ‘bad information’
Discussion: ThinkProgress and Daily Kos
Matthew Yglesias / ThinkProgress:
The Unappeasable Financial Markets
Discussion: Modeled Behavior and Firedoglake
 

 
From Techmeme:

Kyle Wiggers / TechCrunch:
OpenAI gives premium ChatGPT users access to an updated GPT-4 Turbo, promising “more direct, less verbose” responses that “use more conversational language”

Jonathan Greig / The Record:
Palo Alto Networks alerts customers that hackers are exploiting a zero-day in its popular GlobalProtect VPN product and promises a patch by April 14

Tom Warren / The Verge:
Microsoft starts testing ads inside the Start menu on Windows 11 in the Insider builds in the US, and says the app promotions can be disabled in Settings

 
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