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10:05 AM ET, August 8, 2011


 Top Items: 
Paul Krugman / New York Times:
Credibility, Chutzpah And Debt  —  To understand the furor over the decision by Standard & Poor's, the rating agency, to downgrade U.S. government debt, you have to hold in your mind two seemingly (but not actually) contradictory ideas.  The first is that America is indeed no longer the stable, reliable country it once was.
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.
Christian Heinze / GOP 12:   Michele Bachmann's development and formation
Molly Ball / The Politico:
All eyes turn to Ames
Discussion: Los Angeles Times and The Page
Paul Krugman:
A Self-Fulfilling Euro Crisis?  (Wonkish)  —  There will probably be big action in the euro zone tomorrow; so, some quick analytical notes.  —  The big question, I believe, is whether the Italian and maybe Spanish crises are the kind of thing that might be brought under control by ECB bond purchases.
David Jolly / New York Times:
European Intervention Buoys Italy and Spain
Statement by the President of the ECB
Discussion: MarketBeat and Money & Company
Jack Ewing / New York Times:
Global Finance Leaders Pledge Bold Action to Calm Markets
Discussion: VentureBeat, The Page and DealBook
Daily Mail:
Explosive Jackie O tapes ‘reveal how she believed Johnson killed JFK and had affair with movie star’  —  Jackie Onassis believed that Lyndon B Johnson and a cabal of Texas tycoons were involved in the assassination of her husband John F Kennedy, ‘explosive’ recordings are set to reveal.
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 …
Discussion: Hot Air and Big Journalism
David Catanese / The Politico:
Wis. Dem memo: Victory predictions “dangerous”  —  MADISON Wis. — Democrats on the ground here are increasingly confident they will pick-up two state Senate seats, but are warning that winning the third necessary for a takeover is a tenuous prospect.  —  Despite hype from some in the party apparatus …
Discussion: National Review
Patrick Allen / CNBC:
No Chance of Default, US Can Print Money: Greenspan  —  Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating.  —  “The United States can pay any debt it has because we can always print money to do that.
John Harwood / The Caucus:
Voters Want a Change Politicians Can't Deliver  —  WASHINGTON — Here is the bad news for President Obama and incumbents in both parties: it can get worse — and stay that way for a long time.  —  That might sound like catastrophic thinking after Mr. Obama's nerve-jangling birthday week …
Abby Phillip / The Politico:
Duncan to issue ‘No Child’ waivers  —  Seeing “no clear path” toward reauthorizing the “No Child Left Behind” education law, the Obama administration will unilaterally issue waivers to states, exempting them from some of the law's regulations.  —  “Today we're less than a month from the start …
Discussion: New York Magazine
Catherine Rampell / New York Times:
Second Recession in U.S. Could Be Worse Than First  —  If the economy falls back into recession, as many economists are now warning, the bloodletting could be a lot more painful than the last time around.  —  Given the tumult of the Great Recession, this may be hard to believe.
Discussion: The Raw Story
Kevin Diaz / Minneapolis Star Tribune:
Pawlenty changes his approach on health care  —  He favored exchanges and was ‘open to’ mandates.  Then he ran for president.  —  WASHINGTON - In his presidential campaign autobiography, “Courage to Stand,” former Minnesota Gov. Tim Pawlenty recalls a man in a wheelchair who approached him at an airport in Mankato.
New York Times:
A.I.G. to Sue Bank of America Over Mortgage Bonds  —  The American International Group is planning to sue Bank of America over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.
Adam Clymer / New York Times:
Mark O. Hatfield, Republican Champion of Liberal Causes, Dies at 89  —  Mark O. Hatfield, a liberal Republican who challenged his party's positions on the Vietnam War and on a balanced-budget amendment to the Constitution during his 30 years as a Senator from Oregon, died on Sunday.  He was 89.
Discussion: Outside the Beltway and The Page
Robert Pear / New York Times:
S.&P. Downgrade Is Seen as Adding Urgency to Debt-Cutting Panel  —  WASHINGTON — The downgrade of the United States government's credit rating by Standard & Poor's is almost sure to increase pressure on a new Congressional “supercommittee” to mute ideological disagreements and recommend …
Zachary A. Goldfarb / Washington Post:
Geithner tells Obama he will remain as Treasury secretary  —  Treasury Secretary Timothy F. Geithner has told President Obama he plans to remain in his job through the fall of 2012, keeping in place Obama's longest-serving economic adviser after the first-ever U.S. credit downgrade and renewed fears of a second recession.
Ben White / The Politico:
Timothy Geithner to stay at Treasury
Discussion: The Note
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 More Items: 
Tottenham riots: police let gangs run riot and loot
Discussion: The Atlantic Online
Political Punch:
The Presidential Planner: Obama Spends Monday Behind Closed-Doors
McClatchy Washington Bureau:
In valley where SEALs died, U.S. raids boost Taliban support
Discussion: Prairie Weather
Gschwarzcnn / CNN:
Romney knocks Obama's S&P ‘failure’
Discussion: Runnin' Scared and The Page
Ylan Q. Mui / Washington Post:
Lack of jobs for blacks creates tension between black lawmakers and Obama
Discussion: The Note
Devin Banerjee / Bloomberg:
Verizon Unions Strike as Contract Talks Fail
New York Times:
Palestinians and the U.N.
Discussion: Israel Matzav and Pajamas Media
 Earlier Items: 
Dave Hill / Guardian:
Tottenham riots: This could happen in a dozen boroughs | Dave Hill
Thomas L. Friedman / New York Times:
Win Together or Lose Together
Blue Texan / Firedoglake:
Rick Perry: In Less Than Three Years, America Has Forgotten God, Needs to Repent
Alex Seitz-Wald / ThinkProgress:
Paul Ryan Signals Willingness To Raise Revenues, Shifting Positions Following Downgrade

From Techmeme:

Lauren Feiner / The Verge:
The House passes a TikTok divestiture bill with a longer sale deadline as part of a package of Ukraine/Israel aid bills, pressuring the Senate to vote on TikTok

Gaby Del Valle / The Verge:
President Biden signs the bill reauthorizing FISA's Section 702, extending the controversial warrantless surveillance program through 2026

Jameson Dow / Electrek:
Tesla cuts the price of its Full Self-Driving software to $8K from $12K in the US, following a price cut from $15K to $12K in September 2023

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