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12:05 PM ET, August 8, 2011

memeorandum

 Top Items: 
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:
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.
Alexander Bolton / The Hill:
Markets open low as White House pushes back on S&P downgrade  —  Washington's lawmakers and policymakers anxiously watched the open of financial markets in Asia, Europe and New York Monday to determine the impact of the nation losing its AAA credit rating.  —  The downgrade of the nation's …
Discussion: The Hill and The Reaction
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 Hinderaker / Power Line:
“Tea Party Downgrade”?  They Can't Possibly Sell That  —  The downgrading of U.S. debt is an extreme embarrassment for the government in general, and the Obama administration in particular.  So the administration has reacted in the only way it knows: by denouncing Standard & Poors …
Zeke Faux / Bloomberg:
S&P Seen Surrendering to Tea Party Costing U.S. Taxpayer
Discussion: The Huffington Post
Gschwarzcnn / CNN:
Romney knocks Obama's S&P ‘failure’
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:
Christian Heinze / GOP 12:
Michele Bachmann's development and formation
Discussion: The Note and The Daily Caller
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: Big Journalism and Althouse
RELATED:
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.
RELATED:
Rasmussen Reports:
Iowa Caucus: Bachmann, Romney and Paul on Top  —  In the Iowa caucus race for the Republican presidential nomination, five candidates are in double digits, and many voters are open to changing their mind before caucus day arrives.  —  The first Rasmussen Reports telephone survey …
Discussion: GOP 12 and National Review
Molly Ball / The Politico:
All eyes turn to Ames
Daniel Strauss / The Hill:
Rep. West: Geithner ‘should move on’ from Treasury job  —  Treasury Secretary Tim Geithner should not have decided to stay on in his current post, Rep. Allen West (R-Fla.) said Monday.  —  “When you open that refrigerator door, the lights don't come on.  I really think he should move on,” West said on Fox News.
Discussion: The Politico and Weasel Zippers
RELATED:
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
RELATED:
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.
Aaron Blake / Washington Post:
Perry team raising money, supporter says announcement next week  —  Texas Gov. Rick Perry speaks at The Response, a call to prayer for a nation in crisis, Saturday, Aug. 6, 2011, in Houston..  (AP Photo/David J. Phillip) (David J. Phillip - AP) Texas Gov. Rick Perry (R) …
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: Althouse and National Review
Nouriel Roubini / Financial Times:
Mission impossible: stop another recession  —  The first half of 2011 showed a slowdown of growth - if not outright contraction - in most advanced economies.  Optimists said this was a temporary soft patch.  This delusion has been dashed.  Even before last week's panic …
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.
Scott Adams / Wall Street Journal:
The Heady Thrill of Having Nothing to Do  —  Is constant stimulation hurting our creativity—and the economy?  Scott Adams pays tribute to tedium  —  We've won the war on boredom!  If you have a smartphone in your pocket, a game console in the living room, a Kindle in your backpack …
Discussion: Pajamas Media
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 …
 
 
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 More Items: 
John R. Bolton / Human Events:
On Deck: Why I May Run for President
Matthew Kalman / Daily Mail:
Families of suicide bombers given £5m in British aid cash
Washington Post:
When historic preservation interferes with modern preferences
Discussion: The Atlantic Online and Hit & Run
Deutsche Welle:
Gay conversion therapy gaining European followers
Discussion: Towleroad News #gay
Robert McMillan / Computerworld:
AntiSec hackers dump data after hacking police websites
Telegraph:
Tottenham riots: police let gangs run riot and loot
Discussion: The Atlantic Online
 Earlier Items: 
McClatchy Washington Bureau:
In valley where SEALs died, U.S. raids boost Taliban support
Discussion: Prairie Weather
New York Times:
A.I.G. to Sue Bank of America Over Mortgage Bonds
Ylan Q. Mui / Washington Post:
Lack of jobs for blacks creates tension between black lawmakers and Obama
Devin Banerjee / Bloomberg:
Verizon Unions Strike as Contract Talks Fail
New York Times:
Palestinians and the U.N.
Discussion: Israel Matzav and Pajamas Media
Adam Clymer / New York Times:
Mark O. Hatfield, Republican Champion of Liberal Causes, Dies at 89
Catherine Rampell / New York Times:
Second Recession in U.S. Could Be Worse Than First
Discussion: The Raw Story
 

 
From Mediagazer:

Lucas Shaw / Bloomberg:
The hangover from the Hollywood strikes has lasted longer than anyone anticipated, as studios, networks, and streaming services simply aren't buying as much

Michael Msika / Bloomberg:
PE firm Blackstone offers ~$1.5B to purchase Hipgnosis, about 7% higher than the bid made earlier this week by Concord to which Hipgnosis' board had agreed

John Koblin / New York Times:
Antenna: ~25% of subscribers to US streaming video services, or 29M+ users, canceled 3+ of them in the past 2 years, as they increasingly jump between services

 
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